CFA Practice Question

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CFA Practice Question

The Securities & Exchange Commission (SEC) is a governmental regulatory agency which ______

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
Correct Answer: B

This is one of the primary functions of the SEC.

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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