Explain the relationship between FASB and the IASB.

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:1) Explain how the SEC sets accounting standards.2) Explain how FASB sets accounting standards.3) Explain how the IASB sets accounting standards.4) Explain the relationship between the SEC and FASB.5) Explain the relationship between the SEC and the IASB.6) 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.