Which of the Following Is a CORRECT Statement About GAAP

question 71

Multiple Choice

Which of the following is a CORRECT statement about GAAP and IFRS?

• A)IFRS prefers valuing assets at historical cost while GAAP prefers using fair value.
• B)IFRS is more "rules-based" than GAAP.
• C)The FASB and the IASB are working towards convergence of standards.
• D)The SEC will require all companies to use IFRS beginning in 2013.

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Definitions:

Contradictory Behavior

Actions or responses that are inconsistent with previous behaviors, statements, or beliefs, often causing confusion.

Avoidant Attachment

A type of insecure attachment style characterized by a desire to maintain independence and emotional distance from others.

Distressed

Experiencing anxiety, sorrow, or pain; often a response to stressful situations or challenges.

Reunion

The act of coming together again after a period of separation.