The Financial Accounting Standards Board has the authority to develop generally accepted accounting principles. Choose the option below that contains the steps used by the FASB in developing GAAP.
A. steps include: filing a complaint with the SEC, issuing an internal report, and issuing a statement of principle.
B. steps include: issuing a discussion memorandum, issuing an exposure draft, and issuing a statement of principle.
C. steps include: issuing a discussion memorandum, filing a legal draft, and notifying the SEC.
D. steps include: publishing a notice in the newspaper, seeking public opinion, and issuing a statement of principle.
Answer: B
You might also like to view...
Output of the Management Reporting System may vary considerably among companies
Indicate whether the statement is true or false
The information that is of the most importance to the research project and should be obtained first is ________
A) qualifying information B) identification information C) basic information D) classification information
In moving toward the just-in-time continuous work flow concept, a key objective is the elimination of waste
Indicate whether the statement is true or false
The maturity value of a $2,000 promissory note, 5% interest due in 90 days, is ________
a. $2,025 b. $2,030 c. $1,975 d. $2,100