International standards are referred to as
A) IFRS.
B) GAAP.
C) IASB.
D) FASB.

Question

Quizplus · Accepted Answer

International standards are commonly referred to as IFRS, which stands for International Financial Reporting Standards. GAAP (Generally Accepted Accounting Principles) is the standard used in the United States, while IASB (International Accounting Standards Board) is the organization responsible for developing and promoting the use of IFRS. FASB (Financial Accounting Standards Board) is another standard-setting organization in the US.

International Standards Are Referred to as