Which of the following is true about international accounting standards?
A) Significant differences exist between U.S.GAAP and GAAP of other countries.
B) Few differences exist between U.S.GAAP and GAAP of other countries.
C) The IASB is the standards-setting body of France.
D) It is unlikely that the differences between U.S.GAAP and GAAP of other countries will diminish over time.

Question

Quizplus · Accepted Answer

Significant differences exist between U.S.GAAP and GAAP of other countries. While the International Accounting Standards Board (IASB) has been working to create common international accounting standards, there still remain notable differences in GAAP between different countries.

Which of the Following Is True About International Accounting Standards