Certain U.S.accounting standards have been, and will be, amended to aid in the international convergence process.The process of changing these standards usually involves
A)a short deliberation followed by a vote of the U.S.Congress
B)acceptance of the change by the Internal Revenue Service
C)rejecting all existing standards and developing an entirely new concept
D)selecting the best standard between existing U.S.and international standards

Question

Quizplus · Accepted Answer

The process of changing U.S. accounting standards to aid in international convergence involves selecting the best standard between existing U.S. and international standards. This process involves comparing and analyzing the strengths and weaknesses of both U.S. and international standards, identifying any differences and making necessary changes to bring U.S. standards in line with international practices. It does not involve a short deliberation followed by a vote of the U.S. Congress or acceptance by the Internal Revenue Service, nor does it require rejecting all existing standards and developing an entirely new concept.

Certain US