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

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards. The Financial Accounting Standards Board (FASB) and Generally Accepted Accounting Principles (GAAP) are specific to accounting standards in the United States. The World Bank is an international organization focused on financing and providing assistance for development projects in developing countries.

Who Is Recognized Worldwide as the Body with Sole Responsibility