Which of the following is an independent entity comprising 15 members and a full-time professional staff that specifies acceptable accounting principles known as the IFRS?
A) FASB
B) IASB
C) SEC
D) GAAP

Question

Quizplus · Accepted Answer

The independent entity comprising 15 members and a full-time professional staff that specifies acceptable accounting principles known as the International Financial Reporting Standards (IFRS) is the International Accounting Standards Board (IASB). FASB (A) stands for the Financial Accounting Standards Board, which sets accounting standards for U.S. companies, while SEC (C) stands for the Securities and Exchange Commission, which is a government agency responsible for regulating securities markets. GAAP (D) stands for Generally Accepted Accounting Principles, which are accounting standards used in the United States.

Which of the Following Is an Independent Entity Comprising 15