Over the years, the Securities and Exchange Commission (SEC) has delegated its statutory authority to establish accounting principles for publicly traded companies in the United States to each of the following organizations except the:

Committee on Accounting Procedures of the American Institute of Accountants.

Accounting Principles Board (APB).

Financial Accounting Standards Board (FASB).

None of the above organizations were ever delegated authority by the SEC to establish accounting principles in the U.S.