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:

Virtues

Moral excellence and righteousness; qualities of character that are deemed to be morally good or desirable in a person.

Market System

In this economic order, the strategies for investment, production, and merchandise distribution are dictated by supply and demand trends, with a free-market policy guiding the pricing of all goods and services.

Economic Systems

The means by which countries or communities organize and distribute available resources, goods, and services across the economy.

North Korea

North Korea is a country in East Asia, officially known as the Democratic People's Republic of Korea, known for its authoritarian government and isolation from most of the international community.