The private sector organization that is currently responsible for setting accounting standards in the United States is the:
A)Financial Accounting Standards Board.
B)Accounting Principles Board.
C)Securities and Exchange Commission.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the private sector organization that is responsible for setting accounting standards in the United States. The FASB's mission is to establish and improve financial accounting and reporting standards, which provide useful information to investors and other users of financial reports. The Accounting Principles Board was a predecessor to the FASB, but its role was primarily advisory rather than regulatory. The Securities and Exchange Commission (SEC) is a government agency that oversees financial reporting by publicly traded companies, but it does not set accounting standards.

The Private Sector Organization That Is Currently Responsible for Setting