Asked by Katherine Roman on May 22, 2024
Verified
Many countries outside the United States use financial accounting standards issued by the
A) AICPA
B) SEC
C) IASB
D) FASB
Financial Accounting Standards
Rules and guidelines developed by authoritative entities to govern how financial statements should be prepared and presented.
IASB
The International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).
AICPA
The American Institute of Certified Public Accountants, a professional organization for certified public accountants in the United States.
- Comprehend the relevance and implementation of Generally Accepted Accounting Principles (GAAP).
Verified Answer
VB
Victoria BrownMay 24, 2024
Final Answer :
C
Explanation :
The International Accounting Standards Board (IASB) issues financial accounting standards that are used by many countries outside the United States. The American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC), and Financial Accounting Standards Board (FASB) issue standards primarily used within the United States.
Learning Objectives
- Comprehend the relevance and implementation of Generally Accepted Accounting Principles (GAAP).