In 2012 the SEC Issued an Extensive Report Regarding the Use

question 72

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 is dependent 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 it is not positioned to develop accounting standards.

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Definitions:

Repression

A defense mechanism proposed by Freud, where unpleasant thoughts, feelings, or desires are excluded from consciousness.

Unconscious Factor

Elements of the psyche that influence thoughts and behavior without the individual's conscious awareness.

Life Narrative

An individual's personal story or account of their life experiences, reflecting their identity, values, and beliefs over time.

Stage of Life

A phase in the human lifecycle characterized by unique challenges, motivations, and psychological developments.