A set of criteria used to determine measurement,recognition,representation,and disclosure of all material items appearing in the financial statements is referred to as a(n)
A)Financial reporting framework.
B)Quality control presentation standard.
C)Public Company Accounting Oversight Board Criteria.
D)Special purpose audit standard.

Question

Quizplus · Accepted Answer

A set of criteria used to determine measurement, recognition, representation, and disclosure of all material items appearing in the financial statements is referred to as a financial reporting framework. This is a broad term that encompasses various accounting standards, principles, and guidelines that govern the preparation of financial statements. Quality control presentation standards, Public Company Accounting Oversight Board criteria, and special purpose audit standards are more specific terms that do not cover the entire spectrum of financial reporting.

A Set of Criteria Used to Determine Measurement,recognition,representation,and Disclosure of All