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.

---

Definitions:

Poplar Trees

Fast-growing trees of the genus Populus, characteristically having lightweight wood and catkin flowers.

TCE

Trichloroethylene, a volatile organic compound used mainly as an industrial solvent and in the manufacture of other chemicals, but is known to be a human carcinogen.

Sclerenchyma Fibers

Thick-walled, durable cells that provide support and strength to plant tissues, playing a key role in the structural integrity of plants.

Vascular Bundles

Structures in plants that contain xylem and phloem, responsible for the transport of water, nutrients, and sugars.