Since 2002,the FASB and the International Accounting Standards Board (IASB)have been working to merge U.S.GAAP with international financial reporting standards (IFRS).Which of the following terms is used to describe this process?
A) merger
B) integration
C) convergence
D) unification

Question

Quizplus · Accepted Answer

The process being described is convergence, which involves the gradual alignment of accounting rules and standards across different countries or regions. It does not necessarily involve a complete merger or unification of accounting practices, but aims to achieve greater consistency and comparability between different financial reporting systems.