Question

Which is an accurate description of a standard-setting body?

The ARSC issues SSARSs.

The GASB issues standards on financial accounting for international organizations.

The FASB issues standards on financial accounting for governmental entities.

The PEEC advises the FASB on private company matters.

Answer 1

Step-by-step explanation:

The accurate description of a standard-setting body is:

"The FASB issues standards on financial accounting for governmental entities."

FASB stands for the Financial Accounting Standards Board, which is a standard-setting body responsible for establishing and improving Generally Accepted Accounting Principles (GAAP) in the United States. The FASB sets accounting standards for various entities, including governmental entities, private companies, and not-for-profit organizations. It is the primary standard-setting body for financial accounting and reporting in the U.S.