Challenges to Convergence of IFRS with U

Multiple Choice

Challenges to convergence of IFRS with U.S. GAAP include all of the following except

A) cultural differences exist between countries.
B) the litigious environment in the U.S. is best suited to very detailed standards.
C) legal barriers to change include the difficulty associated with changing loan covenants.
D) political issues result in politicians setting the final accounting standards.