Because differences in culture and business environments leads to differences in the GAAP of countires,in 1970 an international GAAP was developed and is used by all countries today.

Question

Quizplus · Accepted Answer

While efforts have been made towards developing a common set of accounting standards, there is no single international GAAP that all countries use. Instead, there are various frameworks and standards that have been developed, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) used in the United States. These standards aim to promote consistency and comparability in financial reporting across countries, but they are not universally adopted.

Because Differences in Culture and Business Environments Leads to Differences