An interim step toward the United States adopting IFRS would be to permit US firms that operate globally to file only under IFRS, rather than under both GAAP and IFRS, thereby reducing their financial-statement preparation costs.

Question

Quizplus · Accepted Answer

Allowing US firms that operate globally to file only under IFRS instead of both GAAP and IFRS would indeed be an interim step toward the United States adopting IFRS, as it would simplify the financial reporting process for these companies and align their reporting more closely with international standards.

An Interim Step Toward the United States Adopting IFRS Would