The independent,private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:
A)FASB.
B)IASB.
C)SEC.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is an independent, private sector organization that establishes financial accounting and reporting standards in the United States. The International Accounting Standards Board (IASB) is a separate organization that develops and promotes global financial reporting standards, while the Securities and Exchange Commission (SEC) is a government agency that oversees the securities markets and requires companies to provide certain financial disclosures.

The Independent,private-Sector Group That Is Primarily Responsible for Setting Financial