QUESTION 1 (3 points) FASB and IASB have publicly reported that they are working together to do which of the following? (AC 30) Convert U.S. GAAP to IFRS. Converge U.S. GAAP and IFRS. Convert U.S. auditing standards to international auditing standards. There is not sufficient information provided to answer this question. QUESTION 2 (3 points) Which of the following is typically true about accounting information published AFTER the end of the accounting period? In answering this question, assume that the company has a traditional audit performed between the end of the period and the publication date. (AC 2) o As more time passes, the information becomes more useful. As more time passes, the information becomes more reliable. As more time passes the information becomes more relevant As more time passes, the information becomes more comparable