The United States and the international standard-setting environment are primarily driven by meeting the needs of

Question

Quizplus · Accepted Answer

The United States and the international standard-setting environment are primarily driven by meeting the needs of investors and creditors, who rely on financial statements to make investment and credit decisions. Tax authorities and central government planners may also use financial statements, but their needs are secondary to those of investors and creditors. Academic researchers may use financial statements for research purposes, but they are not a primary driver of standard-setting. This statement is true for both US GAAP and IFRS.

The United States and the International Standard-Setting Environment Are Primarily