The independent group that issues standards that identify preferred accounting practices and is attempting to harmonize the accounting practices globally is the:
A)AICPA.
B)IASB.
C)CAP.
D)SEC.
E)FASB.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) is an independent group that issues International Financial Reporting Standards (IFRS) and is attempting to harmonize accounting practices globally. The other choices are primarily specific to the United States, with the exception of the AICPA, which issues auditing standards but not accounting standards.

The Independent Group That Issues Standards That Identify Preferred Accounting