Sarbanes-Oxley Act of 2002 may lead to:
A) convergence of GAAP and IFRS
B) continuous or real-time reporting
C) Worldwide acceptance of XBRL
D) obscuring of the economic reality of business events

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 requires companies to provide real-time financial reporting, ensuring that the disclosures are accurate, timely, and reliable. This act mandates that the companies provide transparency in financial reporting and reduce the risk of financial fraud. Thus, it has led to the development of continuous or real-time reporting.

Sarbanes-Oxley Act of 2002 May Lead To