Financial statements must be prepared:
A) in accordance with GAAP.
B) in accordance with IFRS.
C) in accordance with OCBOA.
D) Any of the above, depending on which set of standards the circumstances dictate as applicable.

Question

Quizplus · Accepted Answer

Financial statements can be prepared in accordance with Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), or Other Comprehensive Basis of Accounting (OCBOA), depending on the jurisdiction and the specific requirements applicable to the entity preparing the statements.

Financial Statements Must Be Prepared