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Which board sets these standards?

Many countries, including the United States, follow the accounting standards that the _____ Standard Board issues.

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Final answer:

The FASB sets accounting standards such as GAAP for publicly-traded companies and non-profits to ensure consistency and transparency in financial reporting.


Explanation:

The Financial Accounting Standards Board (FASB) sets the accounting standards followed by many countries, including the United States. FASB produces the Generally Accepted Accounting Principles (GAAP) for publicly-traded companies and non-profits. These standards are crucial for ensuring consistency and transparency in financial reporting.


Learn more about Accounting standards setting here:

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