While formally the SEC is charged with the responsibility for establishing accounting principles to be followed in the preparation of SEC filings, the impact of the SEC generally has been

A) in its assistance to Congress with the development of tax law
B) in guiding the development of stock exchanges
C) ineffective in controlling foreign corporations and investors
D) its informal review and approval of standards developed in the private sector prior to their release

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the securities industry.

Accounting Principles

Fundamental guidelines or rules that govern the field of accounting and prescribe how financial transactions should be recorded and reported.

SEC Filings

Documents that publicly traded companies are required to submit to the U.S. Securities and Exchange Commission, providing comprehensive details about the company's financial performance and operations.