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Basic Question 1 of 4
The Securities & Exchange Commission (SEC) is a governmental regulatory agency which ______
B. provides oversight and disclosure requirements for all corporations whose securities are publicly traded on U.S. markets
C. has been delegated authority by the Financial Accounting Standards Board (FASB) to establish financial reporting standards on an ongoing basis
D. issued the ruling in the Microsoft anti-trust case
A. conducts financial statement audits of all Fortune 500 U.S. companies
B. provides oversight and disclosure requirements for all corporations whose securities are publicly traded on U.S. markets
C. has been delegated authority by the Financial Accounting Standards Board (FASB) to establish financial reporting standards on an ongoing basis
D. issued the ruling in the Microsoft anti-trust case
User Contributed Comments 4
| User | Comment |
|---|---|
| kalps | FASB is delegated authority from the SEC |
| Yooo | SEC establish financial reporting standards on an on-going basis? |
| anricus | FASB as name suggests establish accounting standards, this authority has been delegated from the SEC. |
| DonAnd | In a nutshell SEC governs the form & content of the financial statements of companies whose securities are publicly traded. |
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Learning Outcome Statements
describe the roles of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards;
CFA® 2024 Level I Curriculum, Volume 2, Module 17.