The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:

A) APB.
B) FASB.
C) AAA.
D) AICPA.
E) IASB.

Question

The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:A) APB.B) FASB.C) AAA.D) AICPA.E) IASB.

Justin Brown · Accepted Answer

Final Answer : B, Explanation :  The Financial Accounting Standards Board (FASB) is responsible for setting Generally Accepted Accounting Principles (GAAP) in the United States. Although the American Institute of Certified Public Accountants (AICPA) and the Accounting Principles Board (APB) played a role in setting GAAP in the past, their authority has since been superseded by the FASB. The American Accounting Association (AAA) is a professional association for accounting scholars and educators, while the International Accounting Standards Board (IASB) sets accounting standards internationally, but not specifically for the United States.

The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:

A) APB.
B) FASB.
C) AAA.
D) AICPA.
E) IASB.

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