The legal authority to set accounting standards lies with the:

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The Securities and Exchange Commission (SEC) has the legal authority to set accounting standards for publicly traded companies in the United States. The Financial Accounting Standards Board (FASB) is a private organization that develops accounting standards, while the Accounting Principles Board (APB) was a predecessor to the FASB and is no longer in operation. However, the SEC has generally delegated its accounting standard-setting responsibilities to the FASB, which operates under the oversight of the SEC.

The Legal Authority to Set Accounting Standards Lies with The