In Which Accounting Standard Did the FASB and the IASB

question 2

Multiple Choice

In which accounting standard did the FASB and the IASB jointly propose new standards designed to improve the comparability of disclosures in financial statements?

• A) In devaluing financial assets
• B) In revenue recognition
• C) In valuing assets
• D) In expected loss modeling
• E) In fair value discloser

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Definitions:

Medicare

A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.

George W. Bush

The 43rd President of the United States, serving from 2001 to 2009, known for his responses to the 9/11 attacks and initiation of the Iraq War.

Preemptive Action

A strategy or military action taken to neutralize a perceived threat before it can become a reality, often to prevent an imminent attack.

Allied Governments

The coalition of nations, including the United States, Soviet Union, United Kingdom, and France, among others, that opposed the Axis powers during World War II.