What is the SEC's role in standard setting, both historically and currently?

A$.$ 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.

B$.$ 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.

C$.$ 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.

D$.$ 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.