The SEC has the power to establish accounting rules and regulations in the United States.

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the authority to establish accounting rules and regulations in the United States through its oversight of the Financial Accounting Standards Board (FASB). The FASB is responsible for setting accounting standards that companies must follow when preparing financial statements that comply with SEC regulations.

The SEC Has the Power to Establish Accounting Rules and Regulations