Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 8

Under the "condorsement" framework suggested by the SEC, which of the following is most likely:
A) IFRS would replace U.S. GAAP and the IASB would become the national accounting standard setter in the United States.
B) The FASB would continue its U.S. GAAP-IFRS convergence project until a specified future date at which point U.S. companies would be required to adopt IFRS.
C) The FASB would participate in developing new IFRSs and then adopt them as part of U.S. GAAP.
D) The FASB would endorse existing IFRSs and adopt them as part of U.S. GAAP immediately.