The statement that is correct concerning the convergence of IASB and US accounting standards is:
A)The Securities and Exchange Commission released a 'Roadmap' for the potential use of International Financial Reporting Standards by US companies by 2014
B)The Securities and Exchange Commission has agreed to adopt international accounting standards in 2014
C)The Securities and Exchange Commission has agreed to adopt international accounting standards by 2014
D)None of the statements are correct

Question

Quizplus · Accepted Answer

The SEC released a 'Roadmap' in 2008 outlining the steps that would need to be taken for the potential use of International Financial Reporting Standards (IFRS) by US companies by 2014. However, there is still no definitive agreement to adopt IFRS by the SEC by 2014 or any specific date.

The Statement That Is Correct Concerning the Convergence of IASB