Identify the Year the SEC Will Require American Companies to Switch

Multiple Choice

Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.

A) 2016
B) 2018
C) 2020
D) At this point it is unclear when the SEC will require American companies to implement IFRS,though the SEC remains committed to requiring U.S.companies use IFRS at some point.