2006-06-14 03:34:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
It's the SEC, but they farm out this duty to the FASB for public and the GASB for government reporting standards.
IRS is the authority on tax only.
2006-06-14 04:06:25 · answer #1 · answered by csucdartgirl 7 · 0⤊ 0⤋
The SEC if it is a public corporation traded on an open exchange such as the NYSE or NASDAQ. The IRS in all other cases. FASB creates GAAP through opinions and pronouncements.
The IRS has on occasion overridden GAAP, thus creating new GAAP.
2006-06-14 10:41:13 · answer #2 · answered by Thrasher 5 · 0⤊ 0⤋
For authority in the profession it would be the FASB
For authority in Law, let the IRS and SEC fight it out.
GAAP is a method, not an authority.
2006-06-14 10:40:19 · answer #3 · answered by Puzzleman 5 · 0⤊ 0⤋
SEC
2006-06-14 10:38:14 · answer #4 · answered by Randy 3 · 0⤊ 0⤋