Asked by
zachary escovedo
on Nov 14, 2024Verified
International standards are referred to as
A) IFRS.
B) GAAP.
C) IASB.
D) FASB.
International Standards
These are agreements set by international organizations that dictate certain specifications, guidelines, or characteristics to ensure products, services, and systems are safe, reliable, and interchangeable worldwide.
IFRS
A collection of accounting principles formulated by the International Accounting Standards Board, known as International Financial Reporting Standards, that aid in the global creation of financial reports.
GAAP
Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards used in financial reporting within the United States.
- Evaluate the distinctions and commonalities between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Verified Answer
AM
Learning Objectives
- Evaluate the distinctions and commonalities between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).