Which of the following statements regarding Standards contained in the FASB Accounting Standards Codification $($ASC$)$ is true?

Group of answer choices

They have the force of law, and failure to follow them can be prosecuted.

They were created in $2009$ when the ASC was created and did not exist prior to that time.

They have to be approved by the SEC before they become effective.

They apply to financial reporting by all U$.$S$.$ companies.

Flag question: Question $5$

Question $51$ pts

Which of the following statements regarding the requirement to follow U$.$S$.$ GAAP in financial reporting is true?

Group of answer choices

U$.$S$.$ GAAP represents a set of professional standards, and the requirement to follow U$.$S$.$ GAAP is enforced through the AICPA Code of Professional Conduct.

U$.$S$.$ GAAP has been adopted as state law in all $50$ states, so failure to follow U$.$S$.$ GAAP is prosecuted through the state court system.

Compliance with U$.$S$.$ GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants

U$.$S$.$ GAAP has been adopted as federal law, so failure to follow U$.$S$.$ GAAP is prosecuted through the federal court system.