True or false: The SEC has delegated the primary responsibility for setting accounting standards to the AICPA.

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20-01-2022
Business

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True or false: The SEC has delegated the primary responsibility for setting accounting standards to the AICPA.

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Martebi Martebi · Answer 1 · 2022-01-26T11:39:27+01:00

Does the SEC have the power to set accounting standards. The SEC has delegated the primary responsibility for setting accounting standards to the AICPA is a False statement.

What is the SEC position in the financial reporting process?

The SEC position is known to be a Commission that has been empowered with the authority under the securities laws of the United States.

They are empowered to set accounting standards to be followed by all public firms and they are known to also have the power to make sure that those standards are followed.

Conclusively, The SEC delegated accounting standard setting is said to be to FASB.

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