Asked by Iesha Tyler on Jun 21, 2024
Verified
Which of the following statements is true?
A) In order to remain impartial, the FASB discourages public input during development of standards.
B) FASB accounting standards are the result of clearly defined objectives, an integrated body of theory, and the known consequences of actions.
C) The FASB deliberates and issues accounting standards only after receiving a formal letter of request from the SEC.
D) Accounting standards, which reflect social decisions, are often the result of compromise.
FASB
The Financial Accounting Standards Board, the independent organization responsible for establishing accounting and financial reporting standards in the United States.
Accounting Standards
Accounting Standards are formal guidelines and rules for financial accounting practices that ensure consistency, reliability, and comparability of financial reporting.
SEC
The Securities and Exchange Commission, a U.S. government agency responsible for enforcing federal securities laws and regulating the securities industry.
- Understand the development and enforcement of accounting standards.
Verified Answer
Learning Objectives
- Understand the development and enforcement of accounting standards.
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