Accountants have historically used generally accepted accounting principles when preparing financial reports, but many companies have now switched to the new international accounting standards.

Question

Quizplus · Accepted Answer

Many companies have indeed switched to the new international accounting standards, known as International Financial Reporting Standards (IFRS), in order to comply with global reporting standards and improve transparency and comparability in financial reporting. However, some companies may still use generally accepted accounting principles (GAAP) based on their industry and country-specific regulations.

Accountants Have Historically Used Generally Accepted Accounting Principles When Preparing