Generally Accepted Accounting Principles Identify whether the following statements are true or

false:

a. U.S. GAAP is universally accepted in all countries in the world.

b. U.S. GAAP is established by the IASB.

c. Once established, U.S. GAAP is rarely, if ever, modified.

d. The international counterpart to the FASB is the IASB.