Question

How has the SEC exercised its power with regard to the continuing evolution of accounting principles?

(1) Issuing Financial Reporting Releases (FRRs).
(2) Requiring additional disclosures in notes to financial statements.
(3) Declaring a moratorium on the use of specified accounting practices.
(4) Overruling the FASB.

Answer 1

Answer:

Answer is 1,2,3,4

Explanation:

The security and exchange commission has exercised it's power in evolution of accounting principles by Issuing Financial Reporting Releases (FRRs), requiring additional disclosures in notes to financial statements, declaring a moratorium on the use of specified accounting practices, overruling the FASB.