Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Questions: 8

Answer

The Securities and Exchange Commission was established after the stock market crashed in 1929 to help develop and standardize financial information presented to stockholders.

Work Step by Step

The SEC works with private standard-setting bodies to develop Generally Accepted Accounting Principles (GAAP). The SEC allows the private Financial Accounting Standards Board (FASB) to develop standards, but may reject some proposals, or may pod the FASB to take quicker action in developing standards for certain accounting issues.
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