Accounting Principles & Rules Flashcards
1
Q
FASB is in US
A
Financial Accounting Standards Board
2
Q
FASB has developed US GAAP
A
Generally Accepted Accounting Principles
3
Q
IASB outside US
A
International Accounting Standards Board
4
Q
IASB developed IFRS
A
International Financial Reporting Standards
5
Q
GAAP vs IFRS
A
GAAP standards are rule based and IFRS is more principles based giving companies more discretion to make specific reporting decisions
