The IASB and FASB Are Working on Several Joint Projects

question 30

Multiple Choice

The IASB and FASB are working on several joint projects. What is the purpose of the Financial Statement Presentation Project?

• A) to provide guidance on the application of the acquisition method.
• B) to enhance the usefulness of information in assessing the financial performance of the reporting enterprise.
• C) to develop a common comprehensive standard on revenue recognition.
• D) to develop a common conceptual framework that both boards can use as a basis for future standard-setting.
• E) to agree upon financial statement titles that will have no differentiation after translation to various languages.

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Definitions:

Invest

To allocate resources, usually money, with the expectation of generating an income or profit.

Investments

Assets purchased with the expectation that their value will grow or generate income.

Quarterly

Taking place four times a year, or every quarter.

Withdrawals

The act of taking money out of an account, fund, or similar financial vehicle.