GAAP is comprised of:O FASB financial standards.O FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations.O any accounting guidance included in the FASB Codification.O FASB standards, interpretations, and concepts statements.

GAAP (Generally Accepted Accounting Principles) is a set of accounting standards and principles that…

Answered: GAAP is comprised of: O FASB financial…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7MC: These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial...

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GAAP is comprised of: a. FASB standards, interpretations, and concepts statements. b. FASB financial standards. c. FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. d. any accounting guidance included in the FASB Codification.
Briefly describe how the organization of the FASB Codification corresponds to the elements of financial statements.
describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statement
Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.
Separate IASB standards from the Conceptual Framework for Financial Reporting.
How is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting Standards"
Discuss the financial statements required by IPSAS1 and the basis of their preparation.
Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts.
The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.
Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting
Define the elements of financial statements identified in SFAC No. 3 and SFAC No.6.
Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodies

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GAAP is comprised of: O FASB financial standards. O FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. O any accounting guidance included in the FASB Codification. O FASB standards, interpretations, and concepts statements.