Answer
False
Work Step by Step
Any company claiming compliance under GAAP must follow all standards and interpretations along with the disclosure requirements which are specified in the relevant accounting standard.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 1 - Financial Accounting and Accounting Standards - Concepts for Analysis - Instructions - Page 24: CA1-1(2)
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