What is the SEC's role in standard setting, both historically and currently? O A. U.S.financial reporting standard setting began with Accounting Principles Board, established in 1959, which gave the AICPA the power to promulgate accounting standards for the private sector and all publicly traded firms. The AICPA delegated its standard-setting power to the private sector, prompting the accounting profession to establish the first U.S. standard-setting board. Currently, the AICPA issues standards and continues in an oversight function over the US standards setting bodies such as the SEC. OB. U.S.financial reporting standard setting began with the Accounting Principles Board, established in 1959, which gave the SEC the power to promulgate accounting standards for all publicly traded firms. The SEC delegated its standard-setting power to the private sector, prompting the accounting profession to establish the first U.S. standard-setting board. Currently, the SEC issues standards and continues in an oversight function over the US standards setting bodies such as the FASB. OC. U.S.financial reporting standard setting began with the 1934 Securities Exchange Act, which gave the SEC the power to promulgate accounting standards for all publicly traded firms. The SEC delegated its standard-setting power to the private sector, prompting the accounting profession to establish the first U.S. standard-setting board. Currently, the SEC issues standards and continues in an oversight function over the US standards setting bodies such as the FASB. OD. U.S. financial reporting standard setting began with the 1934 Securities Exchange Act, which gave the AICPA the power to promulgate accounting standards for the private sector and all publicly traded firms. The AICPA delegated its standard-setting power to the private sector, prompting the accounting profession to establish the first U.S. Standard-setting board. Currently, the AICPA issues standards and continues in an oversight function over the US standards setting bodies such as the FASB