Which of the following accounting standards is used in the U.S.?
A) SOX
B) IFRS
C) HGB
D) GAAP

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) is the accounting standard used in the U.S. SOX (Sarbanes-Oxley Act) is a law that introduces stricter regulations for financial reporting, but it is not an accounting standard. IFRS (International Financial Reporting Standards) is used in other countries, and HGB (German Commercial Code) is used in Germany.

Which of the Following Accounting Standards Is Used in the U.S