Which of the Following Statements Is True Regarding the SEC's

question 35

Multiple Choice

Which of the following statements is true regarding the SEC's timeline for convergence?

• A)The SEC has no immediate plans to converge GAAP reporting with IFRS standards.
• B)The SEC has a plan in place to allow firms to begin filing in the United States based on IFRS during the next four to five years.
• C)The SEC has a plan in place to allow companies to choose to file statements under GAAP reporting or IFRS standards indefinitely.
• D)The SEC currently allows domestic companies to choose to file financial statements under either GAAP or IFRS reporting standards.

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Definitions:

Extinction

In behavioral psychology, it refers to the process where a conditioned response decreases in frequency and eventually disappears when the reinforcement is no longer presented.

Conditioned Stimulus

An initially unimportant stimulus that, following its association with an unconditioned stimulus, comes to evoke a conditioned response.

Unconditioned Stimulus

A stimulus that naturally triggers a response without any prior learning.

Generalization

In psychology, the tendency to respond in the same way to different but similar stimuli; in learning, it's the application of past learning to new situations.