The SEC has delegated the task of standard setting to: O IRS O U.S. Stock Exchange O Public companies O FASB

The SEC has delegated the task of standard setting to the Financial Accounting Standards Board (FASB), which takes the lead on establishing and improving financial accounting and reporting standards in the U.S. This collaboration ensures transparency, consistency, and reliability in financial reporting, which is crucial for investor confidence and market stability. In the realm of accounting, FASB introduced the Generally Accepted Accounting Principles (GAAP), which serve as a framework for financial reporting. By complying with GAAP, public companies promote trust with stakeholders and provide a clear picture of their financial performance, making it easier for investors to make informed decisions in the bustling marketplace.