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2 years ago

INTERMEDIATE ACCOUNTING 1

1 answer:

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The private sector has sometimes been forced to change accounting standards because the <u>A) SEC </u>did not agree with a particular standard issued by the private sector.

<h3>Who is authorized to set accounting standards for companies?</h3>

The Securities and Exchange Commission (SEC) owns the authority to set accounting standards for companies.

The SEC has delegated this task to the private sector, represented by the Financial Accounting Standards Board (FASB), which is now the authoritative source of U.S. Generally Accepted Accounting Principles (GAAP).

The FASB is an independent non-profit organization that sets accounting and financial reporting standards for the private sector.

The SEC continues to release rules and interpretations on accounting standards.

Thus, if the SEC does not agree with a particular standard issued by the private sector, it can force a change.

Learn more about the SEC and Accounting Standards at brainly.com/question/14457100

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3 years ago

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3 years ago

Based on the implementation of quality-control measurements, ____ adjustments often result in updates to the quality baseline, o

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