Prompt: The purpose of this assignment is to reinforce the student’s knowledge of the accounting profession’s regulatory environment and the source of Generally Accepted Accounting Principles (GAAP). o Requirements: Based on the information in the textbook and on the websites of the SEC, FASB, and the IASB answer each of the following: ▪ Explain how the SEC sets accounting standards. ▪ Explain how FASB sets accounting standards. ▪ Explain how the IASB sets accounting standards. ▪ Explain the relationship between the SEC and FASB. ▪ Explain the relationship between the SEC and the IASB. ▪ Explain the relationship between FASB and the IASB. o Each of the six requires a labeled paragraph of at least 100 words. (Total of 600 words) The assignment must follow APA citation.