Which body sets the UK GAAP for small and medium-sized enterprises

Which body sets the UK GAAP for small and medium-sized enterprises

Which body sets the UK GAAP for small and medium-sized enterprises?

A. HMRC

B. Financial Reporting Council (FRC)

C. International Accounting Standards Board (IASB)

D. Bank of England

Answer: B

Explanation: The Financial Reporting Council (FRC) is responsible for setting UK GAAP and accounting standards in the UK. HMRC handles tax collection, while the IASB issues IFRS for global use.