Question

The private sector organization that is currently responsible for setting accounting standards in the United States is the

Answer 1

Answer:

Financial Accounting Standards Board.

Explanation:

The private sector organization that is currently responsible for setting accounting standards in the United States is the Financial Accounting Standards Board (FASB).

FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).

The aims and objectives of FASB, is to establish and improve Generally Accepted Accounting Principles (GAAP) in the United States of America.