Question

Financial reports are collected based on which of the following criteria? (Select all that apply.)

a) GAAP (Generally Accepted Accounting Principles)
b) IFRS (International Financial Reporting Standards)
c) Regulatory requirements
d) Company preferences

Answer 1

Financial reports are collected based on criteria such as GAAP, IFRS, regulatory requirements, and company preferences.

Step-by-step explanation:

Financial reports are collected based on the following criteria:

• GAAP (Generally Accepted Accounting Principles): Companies in the United States generally prepare their financial reports according to GAAP.
• IFRS (International Financial Reporting Standards): Companies outside of the United States may use IFRS as their financial reporting framework.
• Regulatory requirements: Financial reports may need to comply with specific regulations set by government agencies or industry bodies.
• Company preferences: Some companies may have their own specific preferences or requirements for financial reporting.