The pronouncements of the International Accounting Standards Board establish accounting rules that must be used by U.S. multinational enterprises.

Question

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U.S. multinational enterprises primarily follow the Generally Accepted Accounting Principles (GAAP) set by the Financial Accounting Standards Board (FASB), not the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB).

The Pronouncements of the International Accounting Standards Board Establish Accounting