Which of the following is a true statement in regards to the International Accounting Standards Board?
A) The IASB deals with issues caused by the lack of uniform accounting principles existing in different countries
B) The IASB was created by the American Accounting Association
C) The IASB develops all accounting principles to be used in the United States
D) The IASB has the authority to audit financial statements of all US corporations

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) deals with issues caused by the lack of uniform accounting principles existing in different countries. It was not created by the American Accounting Association and it does not develop all accounting principles to be used in the United States. Additionally, the IASB does not have the authority to audit financial statements of US corporations.

Which of the Following Is a True Statement in Regards