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

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Definitions:

Normative Concept

An idea or standard that prescribes how things should be or what people ought to do, often based on values or ethical considerations.

Political Process

The methods and procedures used in the operation and governance of a political entity or organization.

Economic Criteria

Principles or standards used to evaluate and make decisions on economic policies, projects, or investments, considering efficiency, equity, and growth.

Income Inequality

The unequal distribution of income among individuals or households within a society or between countries.