Congress and securities and exchange commission

Reference no: EM1344441

In the year of 1934, Congress created Securities and Exchange Commission (SEC) and gave the commission both the power and responsibility for setting accounting and reporting standards in United States.

1. Describe the relationship between the SEC and the various private sector standard-setting bodies which have, overtime, been delegated the responsibility for setting accounting standards.

2. Why has the SEC delegated this responsibility rathen than set standards directly?

Reference no: EM1344441

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