Who is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards?
A)FASB
B)IASC
C)The World Bank
D)GAAP

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) was formerly known as the International Accounting Standards Committee (IASC) and is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards. Options A, C, and D are incorrect as they are not directly responsible for issuing international accounting standards. FASB issues accounting standards for the United States, the World Bank is a financial institution, and GAAP refers to the generally accepted accounting principles used in the United States.

Who Is Recognized Worldwide as the Body with Sole Responsibility