Recently an article stated “the setting of accounting standards in the United States is now about 70 years old. It is a unique process in our society, one that has undergone numerous changes over the years. The standards are established by a private sector entity that has no dominant sponsor and is not part of any professional organization or trade association. The governmental entity that provides oversight, on the other hand, is far more a friend than a competitor or an antagonist.”

Instructions

Identify the governmental entity that provides oversight and indicate its role in the standard-setting process.