Which accounting standard requires companies to present their financial statements in a consistent manner?
Practice Questions
1 question
Q1
Which accounting standard requires companies to present their financial statements in a consistent manner?
GAAP
IFRS
Both GAAP and IFRS
Neither GAAP nor IFRS
Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require consistency in financial reporting.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard requires companies to present their financial statements in a consistent manner?
Solution: Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require consistency in financial reporting.
