Which of the following statements about the accounting standards used in other countries is correct?
A)U.S.GAAP is used worldwide.
B)IFRS are used by all countries.
C)More and more countries are using IFRS.
D)There are no plans to converge U.S.GAAP with IFRS.

Question

Quizplus · Accepted Answer

GAAP are used in the U.S,while other countries have their own national set of accounting standards.Many countries permit or require the use of IFRS.The FASB is working alongside the International Accounting Standards Board (IASB)to eliminate these differences so that investors can more easily compare the financial statements of companies from different countries.

Which of the Following Statements About the Accounting Standards Used