Which of the following statements about international accounting standards is true? A. Accounting professionals in the USA consider US GAAP superior to IAS and has no intention to adopt International Accounting Standards. B. The IASB is able to enforce its standards by prohibiting the listing of companies which do not comply on stock exchanges which sell internationally. C. The International Accounting Standards Board (IASB) was established with the purpose of narrowing the range of divergence in accounting standards throughout the world. D. Legal and psychological hurdles to achieving common reporting standards will be fully overcome by the year 2012, the time frame set for convergence between IAS and US GAAP.
A. 61. Which of the following statements about international accounting standards is true?
A. Accounting professionals in the USA consider US GAAP superior to IAS and has no
intention to adopt International Accounting Standards.
B. The IASB is able to enforce its standards by prohibiting the listing of companies which do
not comply on stock exchanges which sell internationally.
C. The International Accounting Standards Board (IASB) was established with the purpose
of narrowing the range of divergence in accounting standards throughout the world.
D. Legal and psychological hurdles to achieving common reporting standards will be fully
overcome by the year 2012, the time frame set for convergence between IAS and US
GAAP.
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