International financial reporting standards are set by the:
A)IASB.
B)GAAP.
C)FASB.
D)SEC.

Question

Quizplus · Accepted Answer

International financial reporting standards (IFRS) are set by the International Accounting Standards Board (IASB). GAAP (Generally Accepted Accounting Principles) is the accounting standard used in the United States. FASB (Financial Accounting Standards Board) is a private organization that sets accounting standards for the US. SEC (Securities and Exchange Commission) is a government agency that regulates financial reporting for publicly traded companies in the US.

International Financial Reporting Standards Are Set by The