Which of the following is an objective of financial sporting by business enterprises? Financial reporting should provide assurance that all liabilities of business enterprises will be paid. Financial reporting should show the timing and amount of future cash dividends to potential investors. The primary focus of financial reporting is information about the assets of the entity. Financial reporting should provide information about the economic resources of an enterprise, the claims to those resources, and changes in those resources and claims to them. Which of the following is true about the International Accounting Standards Board (IASB)? The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP. The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon dearly articulated principles. The SEC has delegated full authority to the IASB to be the accounting standards setting body in the United States. All of these are correct? Only the IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP and the goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles are correct