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Accounting principles within the United States are primarily developed by
a. GAAP.
b. the SEC.
c. the IASB.
d. the FASB.

Ask by Klein Rodriquez. in the United States
Jan 23,2025

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The accounting principles in the United States are primarily developed by the FASB.

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The primary body responsible for developing accounting principles in the United States is the Financial Accounting Standards Board (FASB). Established in 1973, FASB has continuously worked to set standards that enhance the comparability and relevance of financial reporting, ensuring that stakeholders can make informed decisions based on consistent information.
Additionally, while the Securities and Exchange Commission (SEC) oversees the enforcement of securities laws and regulations, it has historically relied on FASB to establish GAAP (Generally Accepted Accounting Principles) for financial reporting purposes. This collaboration helps maintain the integrity of financial markets and protects investors while allowing for the evolution of accounting standards over time.

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