Describe the roles of the Securities and Exchange Commission and The Financial Accounting Standards Board with respect

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Describe the roles of the Securities and Exchange Commission and The Financial Accounting Standards Board with respect

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Describe the roles of the Securities and Exchange Commission and The Financial
Accounting Standards Board with respect to the development of Generally Accepted Accounting
Principles.

Answer: The SEC was created by Congress in 1933 develop accounting guidelines for publicly
traded companies. The SEC has given the FASB the responsibility to develop GAAP.
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