Statements of Financial Accounting Standards are developed by:

Question

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Statements of Financial Accounting Standards (SFAS) are developed by the Financial Accounting Standards Board (FASB). The FASB is an independent organization that is responsible for creating and improving U.S. GAAP (Generally Accepted Accounting Principles). Certified public accountants and tax authorities may refer to SFAS in their work, but they do not develop them. The Securities and Exchange Commission (SEC) has the authority to establish accounting principles to be used by publicly traded companies, but they generally rely on the FASB to issue accounting standards.

Statements of Financial Accounting Standards Are Developed By