Triple

Given a phrase, classify it is english named entity (e.g., persons, organizations, works of art) in Latin script, or not (e.g., literals, dates, URLs, verbose phrases). For disambiguation, the statement where the phrase occurs as object is also given. Please return a JSON object with `phrase` (string, the phrase being analyzed) and `is_ne` (boolean, indicating whether the phrase is a Named Entity).

Phrase: Statements of Financial Accounting Standards | Statement: [US GAAP, previouslyComposedOf, Statements of Financial Accounting Standards]

Target entity: Statements of Financial Accounting Standards
Context triple: [US GAAP, previouslyComposedOf, Statements of Financial Accounting Standards]

• A. US GAAP
  US GAAP is the comprehensive set of accounting principles and standards that govern how U.S. companies prepare and present their financial statements.
• B. Standards Code
  The Standards Code was a multilateral trade agreement under the GATT that established detailed rules to prevent technical regulations and product standards from becoming disguised barriers to international trade.
• C. Public Company Accounting Oversight Board
  The Public Company Accounting Oversight Board is a nonprofit regulatory body in the United States that oversees the audits of public companies to protect investors and enhance the accuracy and reliability of corporate financial reporting.
• D. United Nations System of National Accounts
  The United Nations System of National Accounts is an internationally agreed statistical framework that provides standardized concepts, definitions, classifications, and accounting rules for measuring a country’s economic activity and compiling national accounts such as GDP.
• E. Code of Federal Regulations
  The Code of Federal Regulations is the codification of the general and permanent rules and regulations issued by the departments and agencies of the United States federal government.
• F. None of above. chosen
• G. Unsure - the case is ambiguous/there is not enough information to decide.

Generate a one-sentence description of the target entity. 
You are given a context triple in the form (subject, predicate, object), where the object is the target entity. 
# Instructions
Use the triple to infer relevant information about the entity. Describe the entity based on what is most defining, well-known. 
Avoid repeating the information from the triple, unless really essential.
# Response Format
Return only the sentence: "Description: [one-sentence description of the target entity]"

Entity: Statements of Financial Accounting Standards
Triple: [US GAAP, previouslyComposedOf, Statements of Financial Accounting Standards]

Statements of Financial Accounting Standards were authoritative pronouncements issued by the Financial Accounting Standards Board that established key accounting principles and reporting requirements under U.S. GAAP before being superseded by the FASB Accounting Standards Codification.

Target entity: Statements of Financial Accounting Standards
Target entity description: Statements of Financial Accounting Standards were authoritative pronouncements issued by the Financial Accounting Standards Board that established key accounting principles and reporting requirements under U.S. GAAP before being superseded by the FASB Accounting Standards Codification.

• A. US GAAP
  US GAAP is the comprehensive set of accounting principles and standards that govern how U.S. companies prepare and present their financial statements.
• B. Standards Code
  The Standards Code was a multilateral trade agreement under the GATT that established detailed rules to prevent technical regulations and product standards from becoming disguised barriers to international trade.
• C. Public Company Accounting Oversight Board
  The Public Company Accounting Oversight Board is a nonprofit regulatory body in the United States that oversees the audits of public companies to protect investors and enhance the accuracy and reliability of corporate financial reporting.
• D. United Nations System of National Accounts
  The United Nations System of National Accounts is an internationally agreed statistical framework that provides standardized concepts, definitions, classifications, and accounting rules for measuring a country’s economic activity and compiling national accounts such as GDP.
• E. Code of Federal Regulations
  The Code of Federal Regulations is the codification of the general and permanent rules and regulations issued by the departments and agencies of the United States federal government.
• F. None of above. chosen

Target predicate: previouslyComposedOf
Context triple: [US GAAP, previouslyComposedOf, Statements of Financial Accounting Standards]

• A. composedIn
  Indicates that a creative work was written or musically composed within a particular place or during a specific time period.
• B. composedBy
  Indicates that one entity is the creator or author of a musical or artistic work associated with another entity.
• C. usedBefore
  Indicates that one entity was utilized or applied prior to the use or occurrence of another entity.
• D. compiledIn
  Indicates that a piece of code, program, or module was compiled within or for a specific environment, system, or context.
• E. previouslyOutside
  Indicates that an entity was located outside a specified area or boundary at some earlier time prior to the current reference point.
• F. None of above. chosen