Which of the following statement(s) is/are true with respect to the differences between IFRS and US generally accepted accounting standards?
A) There are no differences between IFRS and US generally accepted accounting standards.
B) There are only slight differences between IFRS and US generally accepted accounting standards.
C) There was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue a high Difficulty of convergence program designed to bring a number of short-term fixes between the two sets of accounting standards.
D) There are only slight differences between IFRS and US generally accepted accounting standards; and there was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue a high Difficulty of convergence program designed to bring a number of short-term fixes between the two sets of accounting standards.
E) None of the given answers.
Correct Answer:
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