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What is the relationship among GAAP, FASB, and the SEC?

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What is the relationship among GAAP, FASB, and the SEC?

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Solution Summary

The solution clearly explains the similarities, differences and relationships between the SEC and the FASB. GAAP is explained as a function of the FASB.

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The SEC (or Securities Exchange Commission) has a unique position in the financial reporting process. The Commission not only has authority under the securities laws of the United States to set accounting standards to be followed by public companies but also the power to enforce those standards. Practically ...

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