Which of the Following Is a Correct Statement About GAAP

question 111

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:

Pragmatics

The useful character of language and the ability of language to communicate even more meaning than is verbalized.

Useful Character

An individual's traits or qualities that contribute positively to their ability to reach personal or communal goals.

Adult Literary Work

A category of literature intended for an adult audience, characterized by complex themes, sophisticated language, and mature content.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, determining word order and punctuation.