Which of the following statements is true regarding the project to rework the structure of financial statements undertaken by the International Accounting Standard Board (IASB) and the Financial Accounting Standards Board (FASB) ?
A) The proposed changes to the financial statements would result in considerably more detail than currently seen under IFRS and U.S. GAAP.
B) The proposed structure is meant to draw attention away from net income.
C) The proposed structure will adopt major groupings similar to those currently used by the statement of cash flows (operating, investing, and financial) .
D) All of these answer choices are correct.
Correct Answer:
Verified
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