The IASB and FASB Are Working on a Converged Statement

question 143

Multiple Choice

The IASB and FASB are working on a converged statement of financial position using the headings of

• A) assets, liabilities, and equity.
• B) revenues and expenses.
• C) assets, liabilities, revenues, expenses and equity.
• D) operating, investing, and financing.
• IFRS.

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Definitions:

Federal Legislation

Laws enacted by the national government of a country, which supersede state or provincial laws where conflicts arise.

Provincial Legislation

Laws and regulations enacted by the legislative authority of a province or territory in a country.

Fundamental Justice

A principle underlying the legal system that ensures fair legal processes and respect for human rights.

Parliamentary Supremacy

The principle that Parliament has the supreme authority to make or repeal any law.