Accounting Principles & Rules

Question 1

FASB is in US

Answer 1

Financial Accounting Standards Board

Question 2

FASB has developed US GAAP

Answer 2

Generally Accepted Accounting Principles

Question 3

IASB outside US

Answer 3

International Accounting Standards Board

Question 4

IASB developed IFRS

Answer 4

International Financial Reporting Standards

Question 5

GAAP vs IFRS

Answer 5

GAAP standards are rule based and IFRS is more principles based giving companies more discretion to make specific reporting decisions