When compared to US GAAP, international accounting standards allow: a. About the

Question

When compared to US GAAP, international accounting standards allow:
a. About the same latitude
b. Less latitude
c. much more latitude
d. No tolerance from US GAAP

According to the SECs statement on International Accounting Standards the SEC requires 3 key elements for acceptance of the IASCs proposed core standards. Which one of the following is a required element?
a. Standards must be routinely interpreted & applied
b. Standards must be in accordance with US gov. accounting (Yellow Book) standards
c. Standards must comply with US GAAP
d. Standards must include a core set of accounting pronouncements that constitute a comprehensive, generally accepted basis of accounting

Explanation / Answer

When compared to US GAAP, international accounting standards allow: .Same latitude is the correct answer. Many countries outside the United States use generallly accepted accounting principles adopted by the International Accounting Standards Board(IASB).The IASB issues International Fiancial Reporting Standars .Significant differences currently exist between FASB and IASB accountng principles. According to the SECs statement on International Accounting Standards the SEC requires 3 key elements for acceptance of the IASCs proposed core standards. Which one of the following is a required element? The standards must include a core set of accounting pronouncements that constitute a comprehensive, generally acccepted basis of accounting. World wide accounting principles would help facilitate investment and business in an increasinglly global economy.

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