Which of the following is a reason for the SEC to let the FASB produce U.S. GAAP?

a.

The FASB is a government organization; therefore, there is no abdication of an important responsibility by the federal government.

b.

The FASB is formed under the same guidelines as IASB.

c.

The SEC and FASB were established by the Securities Exchange Act of 1934.

d.

The members of the FASB are also the members of the SEC; therefore, there is no argument between the two organizations.

e.

The members of the FASB can be trusted to study each reporting issue meticulously before arriving at a reasoned resolution.