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Asked by Milan Golusin on May 16, 2024

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No significant differences exist between the accounting standards issued by the FASB and the IASB.

FASB

The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards in the United States.

IASB

The International Accounting Standards Board, an organization that establishes accounting standards known as International Financial Reporting Standards (IFRS) that guide the preparation and reporting of financial statements globally.

  • Understand the relevance of external guidelines and standards, including the Sarbanes-Oxley Act and the accounting principles formulated by the Financial Accounting Standards Board (FASB).
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Sharan SaraiMay 21, 2024
Final Answer :
False
Explanation :
Although the FASB and IASB have been working towards convergence of their accounting standards, there are still some key differences between them. These differences include, but are not limited to, the treatment of intangible assets, inventory costing methods, and the presentation of the statement of comprehensive income.

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