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Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. True or false?
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Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. True or false?

User Pawel Kiszka
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1 Answer

5 votes

Answer:

False

Step-by-step explanation:

US GAAP requires companies to comply with all their standards and interpretations, and all their disclosure requirements also. Therefore, any company claiming to comply with US GAAP must comply with all the standards and disclosure requirements, not only the once they choose or like.

User Sharjeel Aziz
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