What prompted the development of the Accounting Standards Codification?
A) The decision to merge with IFRS made it necessary to redesign the Codification.
B) The large volume of diverse and complex standards was difficult to use.
C) Businesses are more complex now and need better guidance.
D) Overuse of judgment led to financial frauds.

Question

Quizplus · Accepted Answer

The Accounting Standards Codification was developed to simplify and consolidate the large volume of diverse and complex accounting standards, making them easier to use and understand.

What Prompted the Development of the Accounting Standards Codification