Recent Changes in the Financial Reporting Environment Include Which of the Following

question 68

Multiple Choice

Recent changes in the financial reporting environment include which of the following?

• A)The adoption or planned adoption of IFRS, or standards based on IFRS, for financial reporting in over 100 countries.
• B)The willingness of the Securities and Exchange Commission in the United States to permit non-U.S.firms that list and trade their securities in the United States to report using IFRS without a reconciliation to U.S.GAAP.
• C)The requirement to measure certain assets and liabilities at fair value instead of acquisition cost, and in some cases, to include the changes in fair value in net income instead of other comprehensive income.
• D)The codification of U.S.GAAP into a single body of literature.
• E)all of the above

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Definitions:

Wartime Powers

Special authorities granted to government leaders to take actions necessary for national defense and security during periods of armed conflict.

Military Activities

Activities conducted by armed forces related to defense, warfare, and maintaining public order.

Foreign Policy

A government's strategy in managing its relationships and interactions with other nations, focusing on goals such as peace, economic growth, and national security.

Joe Biden

The 46th President of the United States, who took office on January 20, 2021, previously serving as Vice President from 2009 to 2017.