Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Which of the following is NOT true about the International Accounting Standards Board (IASB)?

The IASB operates independently from national governments.

The IASB enforces compliance with accounting standards in individual countries.

The IASB is based in London, United Kingdom.

The IASB is responsible for developing International Financial Reporting Standards (IFRS).

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Verified step by step guidance

Step 1: Begin by understanding the role and purpose of the International Accounting Standards Board (IASB). The IASB is an independent organization responsible for developing and issuing International Financial Reporting Standards (IFRS), which are used globally to ensure consistency in financial reporting.

Step 2: Clarify the IASB's operational structure. The IASB operates independently from national governments, meaning it is not controlled or influenced by any specific country or government entity.

Step 3: Note the IASB's location. The IASB is headquartered in London, United Kingdom, which is a factual detail about its physical presence.

Step 4: Understand the IASB's scope of authority. While the IASB develops IFRS, it does not enforce compliance with these standards in individual countries. Enforcement is typically the responsibility of national regulatory bodies or governments.

Step 5: Compare the statements provided in the problem to the factual information about the IASB. Identify the statement that is NOT true, which is 'The IASB enforces compliance with accounting standards in individual countries,' as enforcement is outside the IASB's scope of authority.