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

question 17

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 several 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:

Analytical

Relating to or using analysis or logical reasoning to address a problem or dissect a concept.

Evaluative

Concerned with assessing or judging the value, significance, or condition of something.

Positive Critical Thinking

The practice of engaging in reflective and independent thinking in a constructive or optimistic manner.

Expenses

The money spent on something, costs incurred by individuals or businesses.