Asked by Chloe Cluchey on Jun 17, 2024
Verified
U.S. standards are referred to as
A) IFRS.
B) GAAP.
C) IASB.
D) FASB.
U.S. Standards
This can refer to various official norms and regulations established by organizations and government agencies in the United States spanning different industries and areas such as accounting, safety, and quality.
GAAP
Generally Accepted Accounting Principles; these are the standard set of accounting rules, standards, and procedures that companies use to compile their financial statements in the United States.
IFRS
International Financial Reporting Standards, a set of accounting guidelines that govern how financial statements should be reported around the world.
- Analyze the differences and parallels between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
Verified Answer
MS
Matthew SalihJun 20, 2024
Final Answer :
B
Explanation :
U.S. standards are referred to as GAAP (Generally Accepted Accounting Principles), which are established by the Financial Accounting Standards Board (FASB). IFRS (International Financial Reporting Standards) is a set of international accounting standards developed by the International Accounting Standards Board (IASB). Therefore, choices A, C, and D are incorrect.
Learning Objectives
- Analyze the differences and parallels between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).