Regarding convergence of accounting standards, the FASB and IASB:

Multiple Choice

A. Have agreed to combine their organizations to form the BUSY

B. Have achieved full convergence with respect to financial instruments.

C. Do not intend to work together to achieve convergence where possible.

D. Are not likely to achieve full convergence of accounting standards in the near future.

Question

Business

Lewis Winters

22 September, 08:36

Regarding convergence of accounting standards, the FASB and IASB:

Multiple Choice

A. Have agreed to combine their organizations to form the BUSY

B. Have achieved full convergence with respect to financial instruments.

C. Do not intend to work together to achieve convergence where possible.

D. Are not likely to achieve full convergence of accounting standards in the near future.

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Answers (1)

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Elvis Whitehead · Answer 1

D. Are not likely to achieve full convergence of accounting standards in the near future.

Explanation:

FASB and IASB has joined hands to work together and achieve full convergence. This agreement was signed in 2002, but yet the full convergence has not been achieved. Though both the organisations are still working on the same.

They have not combined their organizations as to form a single organization and work on BUSY format, thus, statement A is not correct.

As they intend to work together statement C is also not correct.

As full convergence is not yet done, Statement B is also not correct.

Accordingly, Statement D is correct.