Differentiate between governing principles, bodies, and agencies involved in regulating accounting practices.

Financial reporting standards for state and local government are determined by the governing body known as $\_\_\_\_\_\_\_\_\_\_,$ while international standards are compiled in the governing principles known as $\_\_\_\_\_\_\_\_\_\_.$

A$.)$

AICPA; IRS

B$.)$

SEC; GAAP

C$.)$

FASB; GAO

D$.)$

GASB; IFRS