Which of the following is a CORRECT statement about U.S. GAAP and IFRS?
A)IFRS prefers valuing assets at historical cost while U.S. GAAP prefers using fair value.
B)IFRS is more "rules-based" than U.S. GAAP.
C)The FASB and the IASB are working towards convergence of standards.
D)In the area of convergence of standards, there are far more areas of disagreement than common ground.

Question

Quizplus · Accepted Answer

The FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) have been working towards the convergence of U.S. GAAP and IFRS to create more uniform accounting standards globally.

Which of the Following Is a CORRECT Statement About U