Which Is Not a Goal of the Convergence Project by the FASB

question 13

Multiple Choice

Which is not a goal of the convergence project by the FASB and IASB?

• A)To make their existing financial reporting standards fully compatible as soon as is practical
• B)To coordinate future work programs to ensure that once achieved,compatibility is maintained
• C)FASB and IASB should have one joint commitment of cooperation
• D)All U.S companies need to take IFRS as the accounting standards

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Definitions:

Metric Bolt

A type of bolt characterized by a pitch measured in millimeters, common in engineering and mechanics across the globe.

Diameter

The straight line passing from side to side through the center of a body or figure, especially a circle or sphere, and representing the maximum distance between sides.

External Threads

Threads on the outside of a cylindrical surface, designed to fit into a corresponding part with internal threads.

Internal Threads

Threads located on the inside surface of a hole, designed to mate with external threads on a bolt or screw.