The Main Advantage of the FASB Codification Is

question 26

Multiple Choice

The main advantage of the FASB Codification is:

• A) convergence of national accounting standards and IFRS.
• B) a shift from national accounting to international accounting.
• C) a move away from a standards-based model of organization to one based on topical area.
• D) all of the above.

---

Definitions:

Soviet Union

A former socialist state in eastern Europe and northern Asia, existing from 1922 to 1991.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating behavior of the marketplace, where individual self-interests inadvertently contribute to the economy's overall health.

Childcare Center

A facility that provides care and education to young children during the working hours, facilitating parental employment.

Profitable

Describing a business or activity that generates more revenue than it costs to operate, resulting in a financial gain.