Which statement is correct as it relates to diverse accounting practices across countries? Multiple Choice Gaining access to foreign capital markets is relatively easy and inexpensive once the financial statements are converted to the local currency of the country where the financing is desired. Translating financial statements of various currencies into one common currency for consolidation purposes does not resolve the problem of diversity of accounting practices across countries. To have stock listed on a U.S. stock exchange, all financial statements submitted to the SEC must be prepared either using U.S. GAAP or using IFRS. U.S. GAAP is acceptable worldwide wherever IFRS has not been adopted. Stock analysts specializing in industry coverage can compare financial statements regardless of various national or international accounting standards used by companies being compared