The Securities and Exchange Commission (SEC) has the ultimate authority to set accounting standards in the United States, but it has delegated the responsibility to a private organization. Which private organization currently exercises day-to-day responsibility to set accounting standards for commercial (for-profit) firms in the United States?

1.) FASAB - Financial Accounting Standards Advisory Board

2.) IASB - International Accounting Standards Board

3.) AICPA -American Institute of Certified Public Accountants

4.) FTC - Federal Trade Commission

5.) FASB - Financial Accounting Standards Board