Countries outside the United States use financial accounting standards issued by the a. SEC b. IASB c. GAAP d. LLC

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Business

Gaige Francis

29 August, 16:42

Countries outside the United States use financial accounting standards issued by the a. SEC b. IASB c. GAAP d. LLC

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Davenport · Answer 1

Countries outside the United States use financial accounting standards issued by the;

b. IASB

Explanation:

Accounting can be defined as the profession of keeping financial records for future reference and planning. There are various bodies that issue accounting standards that need to be followed as accepted principles and practice, namely;

1. SEC

Also know as Securities and exchange Commission. This is a federal agency of the government that is independent and is charged with the responsibility of protecting investors and the regulation of security markets. It was formed by the Act of 1934 and has jurisdiction in the United States of America.

2. IASB

Also known as the International Accounting Standards Board. This is an independent private body constituted by accounting experts from different states that are vetted through strict regulations who are charged with the responsibility of developing and approving International Financial Reporting Standards. It was formed in 2001 as a replacement to International Accounting Standards Committee. It has jurisdiction internationally, even in countries outside the United States.