Asked by Jesus Armenta on Jun 08, 2024
Verified
International standards are developed by the
A) IFRS.
B) GAAP.
C) IASB.
D) FASB.
International Standards
Guidelines and specifications established to ensure consistency and quality in products, services, and processes worldwide.
IASB
Stands for the International Accounting Standards Board, which is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS).
- Conduct a comparative analysis between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
Verified Answer
PS
Patrick SampleJun 09, 2024
Final Answer :
C
Explanation :
International standards are developed by the International Accounting Standards Board (IASB). The International Financial Reporting Standards (IFRS) are the set of accounting standards issued by the IASB. GAAP and FASB are accounting standards and regulatory bodies in the United States.
Learning Objectives
- Conduct a comparative analysis between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).