What three phases were active under the Joint FASB and IASB convergence project but were put on hold to focus on other convergence topics?
A) Reporting entity, measurement, and presentation and disclosure
B) Framework for a GAAP hierarchy, elements and recognition , and objective and qualitative characteristics
C) Elements and recognition, measurement, presentation and disclosure
D) Measurement, reporting entity, and elements and recognition

Question

Quizplus · Accepted Answer

The Joint FASB and IASB convergence project initially focused on several areas, but to prioritize other topics, some phases were put on hold. The phases that were put on hold include Measurement, Reporting Entity, and Elements and Recognition. These areas were deferred to concentrate efforts on more pressing convergence issues.

What Three Phases Were Active Under the Joint FASB and IASB