By 2008,over 100 countries have adopted financial reporting standards which are in conformance with ________.
A) GAAP
B) IFRS
C) FASB
D) GASB

Question

Quizplus · Accepted Answer

IFRS (International Financial Reporting Standards) are globally recognized financial reporting standards that have been adopted by over 100 countries. GAAP (Generally Accepted Accounting Principles) is a set of accounting standards used primarily in the United States, whereas FASB (Financial Accounting Standards Board) and GASB (Governmental Accounting Standards Board) are both standard-setting organizations in the United States.

By 2008,over 100 Countries Have Adopted Financial Reporting Standards Which