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:

Portuguese Colony

A territory overseen and controlled by Portugal during its period of colonial expansion, particularly from the 15th to the 20th centuries.

Colonial Economy

Refers to the economic system and practices implemented by colonial powers, often characterized by exploitation and exportation of raw materials from the colonized territories to benefit the colonial country.

Canary Island

A group of Spanish islands located off the northwest coast of Africa, noted for their unique ecosystems and cultural heritage.