U.S. standards are referred to as
A) IFRS.
B) GAAP.
C) IASB.
D) FASB.

Question

Quizplus · Accepted Answer

U.S. standards are referred to as GAAP (Generally Accepted Accounting Principles), which are established by the Financial Accounting Standards Board (FASB). IFRS (International Financial Reporting Standards) is a set of international accounting standards developed by the International Accounting Standards Board (IASB). Therefore, choices A, C, and D are incorrect.

U.S. Standards Are Referred to as