In 2012 the SEC Issued an Extensive Report Regarding the Use

question 74

Multiple Choice

In 2012 the SEC issued an extensive report regarding the use of IFRS by U.S.public companies and listed which of the following as a major obstacle to adopting IASB standards?

• A)IASB standards are generally viewed as low quality.
• B)IASB's dependence on funding from the major accounting firms.
• C)Cross-border financing is decreasing in popularity.
• D)The IASB is not a governmental agency and therefore is not positioned to develop accounting standards.

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Definitions:

Plaintiff

A legal term referring to the person who initiates a lawsuit in a court of law against another party.

Defendant

The individual, company, or institution sued or accused in a court of law.

Timely Filed

Refers to documents, claims, or appeals that are submitted within the specified time limits set by law or court order.

Injunctive Relief

A court-ordered act or prohibition against certain actions that might cause harm to the plaintiff, serving as a remedy in legal disputes.