Which of the Following Is True About the FASB After

question 20

Multiple Choice

Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies?

• A) The FASB will serve in an advisory capacity to the IASB.
• B) The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP.
• C) The role of the FASB post-IFRS adoption has not been determined.
• D) The FASB will cease to exist.

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Definitions:

Complete Physical Examination

A thorough evaluation of the body by a medical professional to assess overall health and detect any abnormalities.

Common Abbreviation

A widely used shortened form of a word or phrase, created to save time or space in written communication.

CPE

Continuing professional education, courses or activities required for professionals to maintain their licensing and competencies.

PE

Physical Education, a school subject focused on the development of physical fitness and skills.