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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asked Sep 23, 2021 161k views

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Sharjeel Aziz · Answer 1 · 2021-09-30T18:45:52+0000

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.

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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