What Three Phases Were Active Under the Joint FASB and IASB

question 51

Multiple Choice

What three phases were active under the Joint FASB and IASB convergence project but were put on hold to focus on other convergence topics?

• A) Reporting entity, measurement, and presentation and disclosure
• B) Framework for a GAAP hierarchy, elements and recognition , and objective and qualitative characteristics
• C) Elements and recognition, measurement, presentation and disclosure
• D) Measurement, reporting entity, and elements and recognition

---

Definitions:

Economic Life

The expected period of time during which an asset is useful to the average owner.

Amortization Expense

The periodic expense recognized in the financial statements for the gradual write-off of the cost of intangible assets over their useful life.

Research and Development Costs

Expenses associated with the investigation and creation of new products or services, which can include salaries, materials, and overhead costs.

Trademark

A sign, term, or set of words officially recognized or established through legal registration or usage to symbolize a corporation or merchandise.