Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.
A)2016
B)2018
C)2020
D)At this point it is unclear when the SEC will require American companies to implement IFRS,though the SEC remains committed to requiring U.S.companies use IFRS at some point.

Question

Quizplus · Accepted Answer

The question specifically states that it is unclear when the SEC will require American companies to switch to IFRS, but they remain committed to doing so at some point. Therefore, the correct answer is D, as none of the other answer choices are supported by the information given in the question.

Identify the Year the SEC Will Require American Companies to Switch