Which organization would have the ultimate responsibility of deciding if the advantages outweigh the disadvantages in the adoption of IFRS accounting standards in the U.S.?
A) FASB
B) SEC
C) IASB
D) AICPA

Question

Quizplus · Accepted Answer

The ultimate responsibility of deciding if the advantages outweigh the disadvantages of adopting IFRS accounting standards in the U.S. lies with the Securities and Exchange Commission (SEC). The SEC has the authority to oversee the financial reporting and disclosure of publicly traded companies in the U.S. and can determine whether or not to permit or require the adoption of IFRS. While the Financial Accounting Standards Board (FASB) does have a role in setting accounting standards in the U.S., it would not have the final say on adopting IFRS. The International Accounting Standards Board (IASB) is responsible for developing and promoting IFRS globally, but does not have the authority to mandate its adoption in any particular jurisdiction. The American Institute of Certified Public Accountants (AICPA) is a professional organization for accountants and would not have the authority to make such a decision.

Which Organization Would Have the Ultimate Responsibility of Deciding If