Convergence to international financial reporting standards

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Reference no: EM131266376

Although convergence to International Financial Reporting Standards (IFRS) has been an ongoing process for more than a decade, the U.S. has not adopted IFRS. In an article in CFO Magazine (2014), author David Katz reports that the former chair of the SEC stated the following about foreign regulators (IASB members), “On the few occasions when IASB members did appear at U.S. roundtables and meetings, they seemed aloof,” he said. “They simply weren’t accustomed to the more relaxed and supple interactions that FASB has been able to have with stakeholders over the years.” This statement reflects:

A. The difference in regulatory authority and standard setting

B. The difference in political agenda and governmental interactions

C. The difference in culture and communication between constituents

D. The difference in economics and available labor force.

Reference no: EM131266376

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