Final answer:
The FASB Accounting Standards Codification is indeed the sole source of authoritative GAAP for nongovernmental entities in the U.S., while the SEC issues authoritative regulations for public companies, and IFRS provides standards internationally.
Step-by-step explanation:
The statement that the Financial Accounting Standards Board (FASB) Accounting Standards Codification is the only authoritative accounting literature is true.
The FASB Accounting Standards Codification is considered the single source of authoritative U.S. generally accepted accounting principles (GAAP), which all nongovernmental entities must follow.
It consolidates and organizes all relevant accounting principles into one cohesive framework, thereby simplifying user access by codifying all authoritative US GAAP in one spot.
However, it is worth noting that the Securities and Exchange Commission (SEC) also issues accounting-related regulations for public companies, which are authoritative for entities under its jurisdiction.
Additionally, the International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB) serve as authoritative literature for many countries outside the United States.