In the 2002 Study by the World's Six Largest Public

question 25

Multiple Choice

In the 2002 study by the world's six largest public accounting firms concerning convergence with IFRS, what was the most frequently cited concern about convergence?

• A)Language translation difficulties
• B)Lack of perceived benefit of using IFRS
• C)Complexity of specific IFRS
• D)Preference for national standards

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Definitions:

Proper Consideration

The requirement in contract law that something of value must be exchanged between the parties to form a valid contract.

Incorporeal Property

Refers to intangible assets owned by an individual or corporation, such as intellectual property, securities, and rights to financial accounts.

Nonprofit Corporation

A type of organization that operates without the purpose of making a profit, typically focusing on charitable, educational, or social missions.

Promoter

An individual or company responsible for organizing, financing, or sponsoring an event, project, or business venture, often prior to its creation.