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Basic Question 2 of 4
Which two authorities are primarily responsible for establishing generally accepted accounting principles in the United States?
B. The Financial Accounting Standards Board and the Securities and Exchange Commission
C. The Financial Accounting Standards Board and the American Institute of Certified Public Accountants
A. The Financial Accounting Standards Board and the Internal Revenue Service
B. The Financial Accounting Standards Board and the Securities and Exchange Commission
C. The Financial Accounting Standards Board and the American Institute of Certified Public Accountants
User Contributed Comments 4
| User | Comment |
|---|---|
| danlan | Good to know both FASB and SEC's responsibility and their relationship |
| armanaziz | What's the role of AICPA? |
| achu | Note, it's FASB and SEC, NOT AICPA. I believe aicpa members probably overlap with FASB in many cases. |
| johntan1979 | Nothing much... provide the credentials, sets generally accepted professional and technical standards for CPAs |
I used your notes and passed ... highly recommended!
Lauren
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.