What Is Meant by the Term "Global GAAP"? How Does

question 121

Essay

What is meant by the term "global GAAP"? How does it impact U.S.companies? What body is responsible for setting global standards?

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Definitions:

Continental Collision

A convergent plate boundary that involves the collision of two masses of continental crust.

Transform Faulting

The process of two tectonic plates sliding past each other along a transform fault, leading to significant horizontal displacement.

Seafloor Spreading

The process by which two oceanic plates move apart and new magmatic material is added between the plates.

Continental Rifting

The pulling apart of a continent, forming a low, fault-bounded trough (continental rift); may lead to a divergent plate boundary that leads to seafloor spreading and splitting apart a continent.