Which of the Following Statements Concerning Financial Reporting Is FALSE

question 39

Multiple Choice

Which of the following statements concerning financial reporting is FALSE?

• A)Accounting rules in the U.S.are called GAAP.
• B)Accounting rules developed by the IASB are called IFRS.
• C)Both GAAP and IFRS share the same goal which is to ensure useful information to users of financial statements.
• D)There are no differences between the accounting rules developed by FASB and those developed by IASB.