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Each of the following are true of the Securities and Exchange Commission except that it is a federal agency. the SEC’s involvement in the development of accounting standards varies. the FASB relies on the SEC to develop accounting standards. the SEC requires registrants to adhere to GAAP.

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Answer:

The answer is the FASB relies on the SEC to develop accounting standards.

Explanation:

Financial Accounting Standards Board is the highest authority in USA in setting standards related with accounting, financial reporting and financial representation.

Securities and Exchange Commission is the regulatory body for the securities such as stocks, Bonds, etfs, etc..

SEC does not take part in making Accounting standards. However, they may aid the FASB in certain matters if the need arise.

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