1. Which of the following is the international accounting standard setter? a. IASB b. IFRS C. FASB d. GAAP a 2. The FASB states that the ultimate goal of convergence is a. To convince the IASB to follow U.S. GAAP. b. To convert GAAP to the same standards as IFRS. c. A single set of high-quality international standards that companies worldwide would use for domestic and cross-border financial reporting. d. To require foreign firms listed in U.S. capital markets to reconcile how differences between IFRS and U.S. GAAP affect their reported financial statements. 3. For foreign companies that list their securities on U.S. capital markets, the SEC mandates that they are subject to the accounting standards established by the a. FASB b. IFRS or their national accounting standards boards. c. Accounting standards board of their choosing. d. Sarbanes-Oxley Act.

1. Which of the following is the international accounting standard setter? a. IASB b. IFRS c. FASB d. GAAP 2. The FASB states that the ultimate goal of convergence is a. To convince the IASB to follow U.S. GAAP. b. To convert GAAP to the same standards as IFRS. c. A single set of high-quality international standards that companies worldwide would use for domestic and cross-border financial reporting. d. To require foreign firms listed in U.S. capital markets to reconcle how differences between IFRS and U.S, GAAP affect their reported financial statements. 3. For foreign companies that list their securities on U.S. capital markets, the SEC mandates that they are subject to the accounting standards established by the a. FASB b. IFRS or their national accounting standards boards. c. Accounting standards board of their choosing. d. Sarbanes-Oxley Act