The Statement in Respect of the IASB/FASB Convergence Project Established

question 10

Multiple Choice

The statement in respect of the IASB/FASB convergence project established in 2002 that is incorrect is:

• A)A project to develop a joint conceptual framework has been added to the agenda
• B)The project will focus on changes in the environment since the IASB and the FASB each issued their original frameworks
• C)Work on several phases of the project will be carried out concurrently
• D)Private sector and not-for-profit sector issues will be considered simultaneously.

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Definitions:

Group Talk

A situation in which multiple people converse and exchange ideas in a collective setting.

Unanimity

Complete agreement or concord among all members or participants.

Acceptable Standards

Criteria or benchmarks deemed suitable or satisfactory for a specific purpose or in a particular field.

Coercive Power

Power stemming from the ability to punish others.