Which of the Following Is True About the International Accounting

question 3

Multiple Choice

Which of the following is true about the International Accounting Standards Board (IASB) ?

• A) The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP.
• B) The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles.
• C) The SEC has delegated full authority to the IASB to be the accounting standards setting body in the United States.
• D)All of the above are correct.
• E) Only A and B are correct.

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Definitions:

Book Balances

The amounts shown in a company's financial records, before any adjustments for checks or debits that have not yet been processed by the bank.

Available Balances

The total amount of funds in an account that are accessible for use or withdrawal at any given moment.

Disbursement Float

The time gap between the writing of a check and the reduction of the payer's bank account balance.

Short-term Investments

Assets that can easily be converted into cash, typically within 5 years or less.