What Is the Name of the Formalized Commitment of the IASB

question 56

Multiple Choice

What is the name of the formalized commitment of the IASB and the FASB to converge U.S.and international accounting standards?

• A) The Sarbanes-Oxley Act
• B) The Norwalk Agreement
• C) The IFRS Foundation
• D) The Conceptual Framework

---

Definitions:

Police Power

Police power refers to the capacity of a state to regulate behaviors and enforce order within its territory for the betterment of the health, safety, morals, and general welfare of its inhabitants.

Child Labor

Refers to the employment of children in any work that deprives them of their childhood, interferes with their ability to attend regular school, and is mentally, physically, socially, or morally harmful.

Regulating Commerce

The act of governing or controlling business practices, trade, and economic transactions through laws and regulations to ensure fairness, competition, and consumer protection.

Central Government

The national government of a federated state, possessing ultimate governmental authority over the entire country.