Which of the Following Is a Correct Statement About Gaap

Question 47
Multiple Choice

Which of the following is a CORRECT statement about GAAP and IFRS? A)IFRS prefers valuing assets at historical cost while GAAP prefers using fair value. B)IFRS is more "rules-based" than GAAP. C)The FASB and the IASB are working towards convergence of standards. D)The SEC will require all companies to use IFRS beginning in 2013.