A Joint Memorandum of Understanding Between the International Accounting Standards

question 43

Multiple Choice

A joint Memorandum of Understanding between the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) ,published in 2006:

• A) agreed to maintain the status quo, and retain international and US accounting standards in the form that they currently exist.
• B) identified a number of options to ensure complete consistency between international and US accounting standards by 2010.
• C) identified an intention to implement actions to identify and remove major accounting differences in specific areas by 2008.
• D) identified an agreement that international standards will be changed to accord with US standards, wherever there were key differences, by 2008.
• E) identified a goal that all international and US accounting standards be totally harmonised by 2008.

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Definitions:

Styles of Team Players

Different attitudes and behaviors individuals display while working in a team, ranging from leadership to supportive roles.

Top Management

The highest level of executives and senior administrators responsible for steering the overall direction of a company or organization.

Commitment

The state of being emotionally or intellectually devoted to a cause, activity, or relationship.

Team Building

Team building involves a variety of activities undertaken to enhance social relations and define roles within teams, often involving collaborative tasks to improve team performance and interpersonal relationships.