Which of these following is NOT true regarding generally accepted accounting principles?
A) Include specific rules, practices and procedures.
B) Include broad principles and conventions of general applications including underlying concepts
C) Standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor.
D) The GAAP requirement for Private companies is enforceable by the provincial securities commissions.

Question

Quizplus · Accepted Answer

The GAAP requirement for private companies is not enforceable by the provincial securities commissions. GAAP is a set of guidelines and principles that provide a framework for financial reporting and is not necessarily enforceable by regulatory bodies. However, failure to comply with GAAP may lead to legal and financial consequences for companies.

Which of These Following Is NOT True Regarding Generally Accepted