The accounting standards codification was created by the IASB to harmonize U.S.and international GAAP.

Name: The accounting standards codification was created by the IASB to harmonize U.S.and international GAAP.
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The accounting standards codification was actually created by the Financial Accounting Standards Board (FASB), not the International Accounting Standards Board (IASB). Its purpose was to organize and simplify U.S. GAAP, not harmonize it with international standards.

The Accounting Standards Codification Was Created by the IASB to Harmonize