Which of the following types of pronouncements now establishes generally accepted accounting principles?
A) Statements of Concepts
B) Statements of Financial Accounting Standards
C) APB Opinions
D) Accounting Standards Updates

Question

Quizplus · Accepted Answer

Accounting Standards Updates (ASUs) are issued by the Financial Accounting Standards Board (FASB) to amend the Accounting Standards Codification, which is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.

Which of the Following Types of Pronouncements Now Establishes Generally