Answer
There is no immediate relationship as the SEC was created by Congress, and the private sector created the Financial Accounting Standards Board (FASB). In any case, the SEC verifiably has pursued an approach of depending on the private sector to create financial accounting and reporting standards referred to as generally accepted accounting principles (GAAP).
Work Step by Step
The SEC does not really concur with the majority of the proclamations of the FASB. In instances of unresolved differences, the SEC guidelines overshadow FASB rules for organizations within SEC jurisdiction.
