Generally accepted accounting principles are essentially identical in most developed countries.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) vary significantly among different countries, reflecting differences in legal systems, business practices, and culture. For example, the United States follows its own set of GAAP, while many other countries have adopted or are converging towards the International Financial Reporting Standards (IFRS).

Generally Accepted Accounting Principles Are Essentially Identical in Most Developed