Each of these parties plays a role in the quality of financial reporting. Match each group with its function.GroupsFunctions1.____________ Financial AccountingStandards Boarda. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded.2. ___________ International AccountingStandards Boardb. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States.3. ___________Securities and Exchange Commissionc. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements.4. ___________ Auditorsd. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.

Answered: Each of these parties plays a role in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Each of these parties plays a role in the quality of financial reporting. Match each group with its function.

Groups	Functions
1.____________ Financial Accounting Standards Board	a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded.
2. ___________ International Accounting Standards Board	b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States.
3. ___________Securities and Exchange Commission	c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements.
4. ___________ Auditors	d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.

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