Question

Comparing US GAAP with IFRS, US GAAP is regarded as:

            A.  Rules Based standards

            B.  Principles Based Standards

            C.  Both are one in the same

            D.  More Harmonization allowed.

The study of perspectives of accounting academicians and practitioners, findings were that the majority believe that effective convergence of one accepted standard s was:

            A.   Standard Setters

            B.   Speculators in companies hidden assets

            c.    Government Authorities

            D.   All of the above  

Sustainability standards issued are the responsibility of the

            A.  SASB

            B.  FASB

            C. IASB

            D. IFAC

Answer 1

Answer: Option A. Rules Based standards

US GAAP is regarded more rule based while the IFRS is regarded more principles based. Hence, option A. is the correct answer.

Answer: Option A. Standard Setters

Standard Setters are believed to be effective for convergence of one accepted standard and hence option A. is the correct answer.

Answer: Option A. SASB

The sustainability standards are the responsibility of the Sustainability Accounting Standards Board (SASB). Hence, option A. is the correct answer.