This section has the effect of amending Section 19 of the Securities Act of 1933. Thus, Securities and Exchange Commission SEC under Section 13 (b) of the Securities Act of 1934, may recognize "Generally Accepted" accounting principles establihed by any Standard setting body which meets certain criteria specified in the Act.

I tried to find out which standard setting body is the SEC referring to here. The Act has later clarified that the Securities and Exchange Commission SEC has delegated these powers to the Financial Accounting Standard Board FASB.