China, Japan & Australia have amended their current standards to converge with International Financial Reporting Standards but the United States chooses to adopt the International Financial Reporting Standards.

Question

Quizplus · Accepted Answer

The statement is incorrect. China, Japan & Australia have already adopted or converged with International Financial Reporting Standards. The United States has not fully adopted the International Financial Reporting Standards and still uses its own accounting principles, generally accepted accounting principles (GAAP).

China, Japan & Australia Have Amended Their Current Standards to Converge