Which of the following is a true statement about International
Financial Reporting Standards? A. They are not being applied anywhere in the world yet, but soon
they will be. b. They are converging gradually with U.S. standards. c. They are more exact (contain more rules) than U.S. generally
accepted accounting principles. d. they considered to be the single strongest set of accounting
standards in the world
|They are converging gradually with U.S.
|U.S. GAAP (Generally Accepted Accounting Principles) are
gradually converging with International Financial Reporting
|The Securities and Exchange Commission (SEC) in U.S. is working
actively for convergence.
|Option B is correct|
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