U.S.GAAP:
A)is another term for IFRS.
B)are the accounting rules developed by the IASB for use in the United States.
C)is the oversight board that supervises auditors.
D)are the accounting rules developed by the FASB for use in the United States.

Question

Quizplus · Accepted Answer

Currently,the Financial Accounting Standards Board (FASB)has the primary responsibility for setting the underlying rules of accounting in the United States.As a group,these rules are called Generally Accepted Accounting Principles,or GAAP for short.