Can you think of any reasons why the SEC relies on private sector bodies to set accounting standards, rather than undertaking the task itself?

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1. check all that apply

• The SEC now has a buffer group between itself and concerned constituents. The SEC avoids criticism if a mistake is made by the FASB.
• By relying on a private sector body to set standards, the cost of setting accounting standards is not borne by taxpayers.
• By relying on a private sector body to set standards, standards may gain greater acceptance than if dictated by a public (government) body.
• That approach insures that SEC employees are involved in every aspect of standard setting.
• The relationship between the SEC and FASB is modeled after similar relationships in international standard setting.
• SEC employees may not have the expertise necessary to set accounting standards.