FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Chapter 2, Problem 17Q
To determine
Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business. The Financial Accounting Standards Board (FASB) issues accounting standards called as Generally Accepted Accounting Principles (GAAP) for Country U. On the other hand, the International Accounting Standards Board (IASB) issues accounting standards known as International Financial Reporting Standards (IFRS) for the countries other than Country U.
To Ascertain: If the accounting standards are uniform throughout the world.
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Chapter 2 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
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