In recent years, the FASB and IASB have pursued a process aimed at reducing inconsistencies and improving comparability between U.S. GAAP and IFRS. This process is known as:
A)Consistency
B)Matching
C)Quantifying
D)Convergence
E)Globalization

Question

Quizplus · Accepted Answer

The process aimed at reducing inconsistencies and improving comparability between U.S. GAAP and IFRS is known as convergence. This process involves the FASB and IASB working together to develop common accounting standards, which may be adopted by both the U.S. and other countries around the world.

In Recent Years, the FASB and IASB Have Pursued a Process