Describe the roles of the Securities and Exchange Commission and The Financial Accounting Standards Board with respect
Posted: Sat Aug 07, 2021 7:21 am
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.
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.