Which of the following is a true statement about International Financial Reporting Standards?
They are not being applied anywhere in the world yet, but soon they will be.
They are converging gradually with U.S. standards.
They are more exact (contain more rules) than U.S. generally accepted accounting principles.
they considered to be the single strongest set of accounting standards in the world
|They are converging gradually with U.S. standards.|
|U.S. GAAP (Generally Accepted Accounting Principles) are gradually converging with International Financial Reporting Standards.|
|The Securities and Exchange Commission (SEC) in U.S. is working actively for convergence.|
|Option B is correct|