Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Concepts For Analysis - Page 23: CA1-1


1. True. 2. False. 3. True. 4. False.

Work Step by Step

1. True. GAAP stands for the Generally Accepted Accounting Principles, and it represents the whole body of literature from FASB which stands for the Financial Accounting Standards Board. 2. False. If a company is claiming compliance with GAAP, it should not only comply with the standards and interpretations but also comply with the disclosure requirements. 3. True. 4. False. FASB should follow the due process in issuing a standard in that it should gather information and opinions from all sectors and it should go through the due process to make its decisions transparent to the public.
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