The SEC has several reporting choices. It can require that U.S. companies use U.
ID: 2472431 • Letter: T
Question
The SEC has several reporting choices. It can require that U.S. companies use U.S. GAAP in their financial statement filings. Alternatively, the SEC can require or allow U.S. companies to use IFRS in their financial statement filings. Many issues and complexities surround the use of IFRS.
Required:
Identify and discuss five of the issues to be considered by the SEC in deliberating this proposal.
The SEC has several reporting choices. It can require that U.S. companies use U.S. GAAP in their financial statement filings. Alternatively, the SEC can require or allow U.S. companies to use IFRS in their financial statement filings. Many issues and complexities surround the use of IFRS.
Required:
Identify and discuss five of the issues to be considered by the SEC in deliberating this proposal.
Explanation / Answer
The correct option is D
Explanation : The process to make the US accounting standards comply with the international convergence process involves understanding the current short comings in the existing standards and then selecting the best standard that fulfills the shortcomings of the existing US standard with the international standards .
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