Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Concepts for Analysis - Instructions - Page 28: CA1-16b

Answer

As a result of the Securities and Exchange Act of 1934, the SEC has legal authority relative to accounting practices.

Work Step by Step

The U.S. Congress has given the SEC broad regulatory power to control accounting principles and procedures in order to fulfill its goal of full and fair disclosure.
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