Answer
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.
