The FASB Promulgates Accounting Standards in the U

question 48

True/False

The FASB promulgates accounting standards in the U.S. and the IFRS issues international accounting standards.

---

Definitions:

Specified Prices

Prices that are explicitly set out, defined, or agreed upon in a contract or agreement.

Contractual Liability

The liability that individuals or entities have to one another as a result of entering into an agreement.

Common Law

A system of law based on precedent and customs rather than statutory laws.

Gap-Filling Rules

Provisions in law that allow courts or parties to fill in missing terms in a contract.