A US Company can choose to report its financial statements using GAAP or IFRS Group of answer choices True False
A US Company can choose to report its financial statements using GAAP or IFRS Group of answer choices True False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A US Company can choose to report its financial statements using GAAP or IFRS
Group of answer choices
True
False
Expert Solution
Step 1
GAAP is the generally accepted accounting principles which are the set of rules and regulations, and this should be used in the accounting of business transactions. IFRS is international financial reporting standards which are used for accounting and reporting.
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