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

Question

Quizplus · Accepted Answer

IASB (International Accounting Standards Board) is an independent entity comprising 15 members and a full-time professional staff that specifies acceptable accounting principles known as IFRS (International Financial Reporting Standards). FASB (Financial Accounting Standards Board) is a similar organization in the United States, while SEC (Securities and Exchange Commission) is a government agency that oversees securities markets and financial reporting. GAAP (Generally Accepted Accounting Principles) refers to a set of accounting standards used in the United States.

Which of the Following Is an Independent Entity Comprising 15