Question

Which government agency has the authority to set accounting and reporting standards in the united states? international accounting standards board securities and exchange commission public company accounting oversight board financial accounting standards board?

Answer 1

Financial accounting and standard board (FASB) is the organization that governs accounting. FASB prepares accounting standards, policies and regulations known as Generally Accepted Accounting Principles (GAAP) for the preparation of financial statements in the United States.

Hence, Financial accounting and the standard board have the authority to set accounting and reporting standards in the united states.

Hence the correct answer is Financial accounting and standard board.