Identify the Year the SEC Will Require American Companies to Switch

question 27

Multiple Choice

Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.

• A)2016
• B)2018
• C)2020
• D)At this point it is unclear when the SEC will require American companies to implement IFRS,though the SEC remains committed to requiring U.S.companies use IFRS at some point.

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Definitions:

Systems View

A perspective that sees an organization as a complex set of interconnected parts working together to achieve a common goal.

Contingency Thinking

Tries to match management practices with situational demands.

Scientific Management

A management theory focusing on improving economic efficiency and labor productivity through systematic observation and measurement.

Oxford Industries Inc.

An American clothing company known for owning several major brands, specializing in designing, sourcing, marketing, and distributing products.