SOP is issued by which organization?

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Multiple Choice

SOP is issued by which organization?

Explanation:
Statement of Position guidance came from the AICPA’s Accounting Standards Executive Committee (AcSEC). It was created to address accounting issues not yet covered by formal GAAP. While today the primary authority on U.S. GAAP is the FASB, and many SOPs have been superseded or codified by FASB standards, the organization that originally issued SOPs is the AICPA. The other entities listed don’t issue SOPs: FASB sets current GAAP, the IFRS Foundation handles international standards, and NASBA oversees CPA licensure and exams.

Statement of Position guidance came from the AICPA’s Accounting Standards Executive Committee (AcSEC). It was created to address accounting issues not yet covered by formal GAAP. While today the primary authority on U.S. GAAP is the FASB, and many SOPs have been superseded or codified by FASB standards, the organization that originally issued SOPs is the AICPA. The other entities listed don’t issue SOPs: FASB sets current GAAP, the IFRS Foundation handles international standards, and NASBA oversees CPA licensure and exams.

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