$1)$ Listed below are the names of several organizations involved in the process of establishing standards

for financial reporting. Following the list is a series of statements.

A$.$ Securities and Exchange Commission $($SEC$)$

B$.$ International Accounting Standards Board $($IASB$)$

C$.$ Financial Accounting Standards Board

Required: Match each organization with its descriptive statement by placing the letter of the appropriate

organization in the space provided. $($Note: Organizations may be used more than once or not at all.$)$

$1.$ Reporting standards issued by this organization are legally enforceable. Failure to adhere to

them is a violation of law.

$2.$ Reporting standards issued by this organization only apply to companies listed on U$.$S$.$

securities exchanges.

$3.$ Reporting standards issued by this organization apply to all U$.$S$.$ companies, whether publicly

traded or privately held.

$4.$ This organization has the legal authority and the responsibility to oversee financial reporting

in the U$.$S$.$

$5.$ Requires $10$ out of $16$ board members$$ approvals before a standard is issued.

$6.$ This organization is a government agency established by the U$.$S$.$ Congress.