Question

As a result of the convergence efforts since 2007:

A. the SEC began allowing foreign companies to report under IFRS without reconciliation to US G

B. IFRS was required to use for US (domestic) companies

C. US GAAP was defined as the high-quality, globally accepted accounting standard and thus no changes were introduced to it

D. US GAAP was required to use in more than 15 countries

Answer 1

Answer:

Correct answer is:

A. the SEC began allowing foreign companies to report under IFRS without reconciliation to US GAAP.

Explanation:

As a result of the convergence efforts, SEC in 2017 the SEC began allowing foreign companies to report under IFRS without reconciliation to US GAAP.

US GAAP is generally accepted accounting principles of USA.

US (domestic) companies are required to use US GAAP

Hence option A is correct and other options B, C and D are incorrect.