BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Securities and Exchange Commission (SEC)
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American Institute of Certified Public Accountants (AICPA)
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Institute of Management Accountants (IMA)
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Financial Accounting Standards Board (FASB)
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Detailed explanation-1: -Background. Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America. Those standards govern the preparation of financial reports.
Detailed explanation-2: -The FASB was initially created through a joint effort between 3 private organizations: American Institute of Certified Public Accountants (AICPA), American Accounting Association (AAA), and National Association of Accountants (NA).
Detailed explanation-3: -The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).
Detailed explanation-4: -Christine Ann Botosan was appointed to the Financial Accounting Standards Board (FASB) on July 1, 2016, later reappointed to a second term that extends to June 30, 2026.