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:

Extensor Digitorum Longus

A muscle in the leg that helps to extend the toes and dorsiflex the foot.

Orbicularis Oris

A complex of muscles in the lips that encircles the mouth, controlling movements such as closing and puckering.

Buccinator

A muscle of the cheek that compresses the cheek against the teeth and aids in chewing.

Orbicularis Oculi

A circular muscle around the orbit of the eye that allows the eyes to close, blink, and squint.