Final answer:
The Financial Accounting Standards Board (FASB) has the most influence over the development of accounting principles in the private sector, with the SEC delegating this responsibility to them.
Step-by-step explanation:
The group with the most influence over the development of accounting principles in the private sector is the Financial Accounting Standards Board (FASB). Although the Securities and Exchange Commission (SEC) has the authority to set financial reporting standards for publicly traded companies, it largely delegates this responsibility to the FASB. The FASB is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States following Generally Accepted Accounting Principles (GAAP).
The Internal Revenue Service (IRS) is concerned with the collection of taxes and enforcement of tax laws rather than setting accounting standards, and the Hospitality Financial and Technology Professionals (HFTP) is more focused on specific industries rather than setting broad accounting principles. Decisions about when a firm will issue stock, pay dividends, or reinvest profits are made by the company's management and board of directors, which are influenced by the accounting standards set forth by the FASB, particularly in the private sector.