Question

In order for a topic to be placed on the FASB's agenda, it must be

considered imporant by the FASB

also submitted to the IASB

first approved by the AICPA as relevant

officially sponsored by the SEC or a member of the U. S. Congress

Answer 1

OPTION A----------considered imporant by the FASB----------ANSWER

FASB is an independent private , non profit organization standard setting body whose primary purpose is to establish and improve GAAP within US in public interests.

FASB decides which topics to be placed on FASB's agenda in order of importance.

All other options are wrong.

option B--- IASB is another independent accounting standard setting body of IFRS foundstion

option C--- AICPA doesn't decide the importance of agenda

option D- SEC are considered very influential but does not have precedential value over FASB.