Task: Instance Description Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes the instance 'Generally Accepted Accounting Principles'?

A. an accounting framework of unstated origin (other than IFRS or US GAAP)
B. the set of legal entity identifiers that comprise the ISO 17442 legal entity identifier specification
C. an accounting framework developed by the US Financial Accounting Standards Board (FASB)
D. an accounting framework developed by the International Accounting Standards Board (IASB)

Answer: an accounting framework developed by the US Financial Accounting Standards Board (FASB)