Which of the following is not considered part of GAAP?
A) Statements of Financial Accounting Standards (SFAS)
B) International Accounting Standards (IAS)
C) Accounting Research Bulletins (ARB).
D) Accounting Principles Board Opinions (APB).

Question

Quizplus · Accepted Answer

International Accounting Standards (IAS) are not considered part of GAAP as they are used in different countries and may differ from GAAP. The other three options, Statements of Financial Accounting Standards (SFAS), Accounting Research Bulletins (ARB), and Accounting Principles Board Opinions (APB), are all considered part of GAAP.

Which of the Following Is Not Considered Part of GAAP