GAAP and IFRS convergence will lead to:
A) the end of the FASB
B) the blending of GAAP and IFRS standards
C) decreased role for the AICPA
D) less costly processes for financial reporting

Question

Quizplus · Accepted Answer

GAAP and IFRS convergence will lead to a blending of the two sets of standards, incorporating the best practices from both into one unified set of standards. This will not lead to the end of the FASB or a decreased role for the AICPA, and it may or may not result in less costly processes for financial reporting.

GAAP and IFRS Convergence Will Lead To