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Select the true statement from the following: A. There are only two accounting standards in the...

Select the true statement from the following:

A. There are only two accounting standards in the world: US GAAP and IFRS

B. Many countries have their own accounting standards, but US GAAP is the only one that is allowed for the publicly traded companies on the global stock exchanges

C. There are two sets of acceptable rules for international stock exchanges—GAAP and IFRS

D. There are over 130 countries that have either adopted or signed to adopt US GAAP

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Ans : Option B is correct answer. Many countries have their own accounting standards, but US GAAP is the only one that is allowed for the publicly traded companies on the global stock exchanges.

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