Which of the following statements about the Financial Accounting Standards Board is correct?

Question

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The Financial Accounting Standards Board is a private, non-profit organization that establishes and improves financial accounting and reporting standards in the United States. The FASB follows a due process procedure that allows input from interested parties such as investors, auditors, and academics before issuing new standards. While the FASB does not have the authority to fine noncompliant firms, it does work closely with the Securities and Exchange Commission which has the power to enforce financial reporting requirements. The FASB is also not controlled by the American Institute of CPA's.

Which of the Following Statements About the Financial Accounting Standards