Which of the following statement(s)is/are true with respect to the differences between IFRS and US generally accepted accounting principles (GAAP)?
A) There are no differences between IFRS and US GAAP.
B) There are only slight differences between IFRS and US GAAP.
C) There was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue an intensification of the 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 GAAP and there was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue an intensification of the convergence program designed to bring a number of short-term fixes between the two sets of accounting standards.

Question

Quizplus · Accepted Answer

There are significant differences between IFRS and US GAAP, and both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have indeed worked towards convergence to minimize these differences, but not all differences have been eliminated.

Which of the Following Statement(s)is/are True with Respect to the Differences