The set of standards used in preparing the historical financial statements, such as GAAP or IFRS,...
The set of standards used in preparing the historical financial statements, such as GAAP or IFRS, is referred to as
a. the applicable financial reporting framework
b. Generally Accepted Auditing Standards (GAAS)
c. material modifications
d. a review of historical financial statements
(answer b is incorrect)
Homework Answers
a. the applicable financial reporting framework
IFRS are issued to provide a principle-based set of standards or framework for business affairs so that company accounts are understandable and comparable across international boundaries.
GAAP (Generally Accepted Accounting Principles) provides rules, conventions, and procedures, or a framework that explains the accepted accounting practice.
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