In 2010, the Securities and Exchange Commission (SEC) announced its support for Generally Accepted Accounting Principles (GAAP). True False

Question

Nolan Mccann

Business

19 January, 05:15

In 2010, the Securities and Exchange Commission (SEC) announced its support for Generally Accepted Accounting Principles (GAAP). True False

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Answers (1)

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Gavin Combs · Answer 1

False

Explanation:

The securities and exchange commission (SEC) requires all publicly traded American corporations to use US GAAP standards since the 1930s. Currently the SEC allows registered foreign corporations to use IFRS accounting standards.

International Financial Reporting Standards (IFRS) standards are used in more than 110 countries around the world including the European Union, Asian countries and Latin American countries, even Canada uses the IFRS (even though they call them Canadian GAAP). US GAAP is only required in the USA.