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Basic Question 16 of 18
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 |
Thanks again for your wonderful site ... it definitely made the difference.
Craig Baugh
Learning Outcome Statements
describe the importance of regulatory filings, financial statement notes and supplementary information, management's commentary, and audit reports
describe information sources that analysts use in financial statement analysis besides annual and interim financial reports
CFA® 2025 Level I Curriculum, Volume 2, Module 1.