4 Why is it a challenge for a fund manager to review financial statements from other countries? Because the US. Financial Accounting Standards Board and the international Accounting Standards Board abandoned the project to converge financial reporting rules Because the US Generally Accepted Accounting Principles and the Interational O Financial Reporting Standards vary Because the US Financial Accounting Standards Board is in the beginning stages of working with the International Accounting Standards Board on converging reporting standards Because the US. Financial Accounting Standards Board does not work with the O International Accounting Standards Board on mitigating differences in reporting standards 3 What is one of the two basic types of financial instruments? Money markets Stocks o Options Mutual funds