Which of the following statements is true? a. The FASB has consistently resisted the adoption of IFRS

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Which of the following statements is true?

a. The FASB has consistently resisted the adoption of IFRS in the United States for fear that it will lose its standard-setting authority.

b. The requirement to use IFRS by the European Union led to a significant increase in the global acceptance of IFRS.

c. IFRS has existed for nearly as long as U.S. GAAP; however, it only recently began to gain acceptance as a body of high-quality accounting standards.

d. The SEC is considering allowing foreign companies who trade stock on the U.S.

stock exchanges to use IFRS.

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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