The ________ is used to rank the authoritative support for its various accounting standards.
A)IFRS Hierarchy
B)GAAP Hierarchy
C)Both A & B
D)Neither A nor B

Question

Quizplus · Accepted Answer

Both the IFRS Hierarchy and GAAP Hierarchy are used to rank the authoritative support for respective accounting standards. The IFRS Hierarchy outlines the sources of IFRS standards from the International Accounting Standards Board (IASB), while the GAAP Hierarchy identifies the sources of GAAP standards from various organizations including the Financial Accounting Standards Board (FASB). Thus, both hierarchies are used to determine the level of authority and reliability of accounting standards.

The ________ Is Used to Rank the Authoritative Support for Its