Which of the following has the legal authority to determine financial reporting in the United States?

Question

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The Securities and Exchange Commission is the government agency responsible for determining the financial reporting requirements for public companies in the United States. The Financial Accounting Standards Board (FASB) is a private organization that sets accounting standards for private companies, while the American Accounting Association is a professional organization for accountants. The Public Company Accounting Oversight Board (PCAOB) is a regulatory organization that oversees the auditing of public companies.

Which of the Following Has the Legal Authority to Determine