Which of the Following Accounting Standards Have Been Revised by the FASB

question 36

Multiple Choice

Which of the following accounting standards have been revised by the FASB to be fully consistent with IFRS?

• A) Liabilities and equity.
• B) Leases.
• C) Research and development costs.
• D) Consolidations.

---

Definitions:

Tariffs

Taxes imposed on imported goods and services, used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

Foreign Competition

Foreign competition involves businesses based in one country competing against products or services offered by companies based in other countries.

Supply Chains

Networks of individuals, organizations, resources, activities, and technology involved in the production and delivery of a product or service from supplier to consumer.

Culture

The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels.