Which of the Following Statements Is Correct with Respect to FASB

question 25

Multiple Choice

Which of the following statements is correct with respect to FASB and IFRSs' standards of accounting disclosure?

• A) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely more on professional judgement.
• B) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely more on professional judgement.
• C) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely less on professional judgement.
• D) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely less on professional judgement.

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Definitions:

Clayton Act

An antitrust law enacted in the U.S. to promote fair competition and prevent monopolies, with provisions protecting labor unions and their activities.

Sherman Antitrust Act

A landmark federal statute passed in the United States to promote economic competition by prohibiting monopolies and restrictive trade practices.

Labor Unions

Organizations that represent the collective interests of workers in negotiations with employers over wages, working conditions, and other employment terms.

Sherman Antitrust Act

An 1890 United States federal statute that prohibits monopolistic business practices and supports competition in the marketplace.