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

Question

Quizplus · Accepted Answer

International standards are commonly referred to as International Financial Reporting Standards (IFRS). GAAP (Generally Accepted Accounting Principles) is a set of accounting standards used primarily in the United States. IASB (International Accounting Standards Board) is the organization responsible for developing and promoting IFRS. FASB (Financial Accounting Standards Board) is a similar organization in the United States, responsible for setting accounting standards for domestic use.

International Standards Are Referred to as