GAAP and IFRS Convergence Will Lead To

question 102

Multiple Choice

GAAP and IFRS convergence will lead to:

• A) the end of the FASB
• B) the blending of GAAP and IFRS standards
• C) decreased role for the AICPA
• D) less costly processes for financial reporting

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Definitions:

Monetary Transfers

Financial transactions that involve the movement of money from one party to another, which can be domestic or international in nature.

Fund Balance―Nonspendable

The portion of a government's fund balance that cannot be spent because it is either not in spendable form or legally or contractually required to be maintained intact.

General Fund

A primary accounting fund used by a government to record its general operating revenues and expenses.

Fund Balance

The net assets of a governmental fund calculated as the difference between fund assets and liabilities, reflecting the financial position of the fund.