Presented below are four statements which you are to identify as true or false If false, explain why the statement is false 1 GAAP is the term used to indicate the whole body of FASB authoritative literature 2 Any company claiming compliance with GAAP must comply with most standards and interpretat...

1 True 2 False Any company claiming compliance with G ...

Presented below are four statements which you are to identify as true or false. If false, explain

Question:

Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.
1. is the term used to indicate the whole body of FASB authoritative literature.
2. Any company claiming compliance with must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3. The primary governmental body that has influence over the FASB is the SEC.
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...