Which of the following statements correctly describes international accounting standards?
A) The standards are becoming less similar over time.
B) They are concerned only with assets and not liabilities.
C) Compared with standards in the United States international standards involve less detailed rules .
D) Balance sheets differ, but income statements are similar in all countries.

Question

Quizplus · Accepted Answer

International standards are generally considered to involve less detailed rules than standards in the United States. A is incorrect because the standards are being developed to become more similar over time. B is incorrect because international standards cover both assets and liabilities. D is incorrect because both balance sheets and income statements can differ between countries due to differences in accounting principles and practices.

Which of the Following Statements Correctly Describes International Accounting Standards