Which of the following is a true statement in regards to the International Accounting Standards Board?
A)The IASB develops all accounting principles to be used in the United States
B)The IASB has the authority to audit financial statements of all US corporations
C)The IASB deals with issues caused by the lack of uniform accounting principles existing in different countries
D)The IASB was created by the American Accounting Association

Question

Quizplus · Accepted Answer

The IASB deals with the issue of lack of uniform accounting principles in different countries. The IASB is not responsible for developing accounting principles for the United States, has no authority to audit financial statements of US corporations, and was not created by the American Accounting Association.

Which of the Following Is a True Statement in Regards