What is the current branding of the global accounting standards developed by the IASB?

What is the current branding of the global accounting standards developed by the IASB?

• A. International Financial Reporting Standards (IFRSs)
• B. International Accounting Standards (IASs)
• C. Generally Accepted Accounting Principles (GAAP)
• D. United States Generally Accepted Accounting Principles (US GAAP)

Answer: (A)

The current branding for the standards developed by the IASB is International Financial Reporting Standards, abbreviated IFRS or IFRSs. The IASB rebranded the set of standards to IFRS after taking over from its predecessor, and this branding is what is used globally for the main accounting standards in financial reporting. Some older standards from the previous framework are still called International Accounting Standards (IASs), but these are largely superseded by IFRS in practice. US GAAP, on the other hand, refers to the generally accepted accounting principles used in the United States and is not the IASB’s branding.

The current branding for the standards developed by the IASB is International Financial Reporting Standards, abbreviated IFRS or IFRSs. The IASB rebranded the set of standards to IFRS after taking over from its predecessor, and this branding is what is used globally for the main accounting standards in financial reporting. Some older standards from the previous framework are still called International Accounting Standards (IASs), but these are largely superseded by IFRS in practice. US GAAP, on the other hand, refers to the generally accepted accounting principles used in the United States and is not the IASB’s branding.