Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and Securities Exchange Act of 1934. The primary task of SEC is to monitor the organizations and individuals and the various dealers involved in the securities market. To Explain: The reason for non feasibility of convergence between US GAAP and IFRS.

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Chapter 1, Problem 1.32Q

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Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and Securities Exchange Act of 1934. The primary task of SEC is to monitor the organizations and individuals and the various dealers involved in the securities market.

To Explain: The reason for non feasibility of convergence between US GAAP and IFRS.

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