Which of the following statements most accurately reflects the approach the FASB and IASB have identified for
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Question:
Which of the following statements most accurately reflects the approach the FASB and IASB have identified for reaching convergence of U.S and international accounting standards?
- Convergence will be achieved primarily by modifying FASB standards to conform with IASB standard.
- Convergence will be achieved primarily by modifying IASB standard to conform with FASB standards
- FASB ad IASB will create new standards rather than trying to eliminate differences between standards that are in need of significant improvement.
- FASB and IASB will try to eliminate differences between standards by eliminating differences between existing standards of the tow standard-seating bodies that can be easily resolved and will then work jointly on more complex issues.
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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