Convergence of Accounting Standards Would Not Occur By

question 62

Multiple Choice

Convergence of accounting standards would not occur by:

• A) FASB adopting an existing IASB standard.
• B) IASB adopting an existing FASB standard.
• C) IASB issuing a new standard.
• D) IASB and FASB jointly developing a new standard.
• E) IASB and FASB each issuing a similar but not identical standard.

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Definitions:

Converted

Changed or transformed in form, character, or function.

Overriding Climate

A dominant climate condition or change that has a significant impact on environmental and societal patterns over a wide area.

Temperature

A measure of the thermal energy of a system, reflecting how hot or cold an object is.

Precipitation

Any form of water, liquid or solid (rain, snow, sleet, hail), that falls from the atmosphere and reaches the ground.