What are the two primary organizations in the United States that are responsible for setting standards related to the preparation of accounting information?

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23-01-2020
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What are the two primary organizations in the United States that are responsible for setting standards related to the preparation of accounting information?

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oreoluwa2001ng oreoluwa2001ng · Answer 1 · 2020-01-24T17:05:09+01:00

Answer: SEC –Securities and Exchange Commission and FASB –Financial Accounting Standards Board.

Explanation: The two primary organizations are SEC –Securities and Exchange Commission and FASB –Financial Accounting Standards Board.

FASB is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States. It was formed in 1973 to succeed the Accounting Principles Board and carry on its mission.

While the U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government. The Securities and Exchange Commission (SEC) recognizes the FASB as the accounting standard setter for public companies. It is also recognized by state accounting boards, the American Institute of Certified Public Accountants (AICPA), and other organizations in the field.