International standards are developed by the
A)IFRS.
B)GAAP.
C)IASB.
D)FASB.

Question

Quizplus · Accepted Answer

International standards are developed by the International Accounting Standards Board (IASB). The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the IASB, so A could appear to be a correct answer, but it is not the best choice as only the IASB develops standards, not just the IFRS. The Generally Accepted Accounting Principles (GAAP) are a set of accounting principles developed by the Financial Accounting Standards Board (FASB) in the United States, so B and D are not correct answers for international accounting standards.

International Standards Are Developed by the