Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 39

Which of the following is not one of the FASB's initiatives to converge with IASB standards a.The FASB eliminates differences between FASB and IASB standards by adopting IASB requirements, or vice versa, in a short-term convergence project.
B)The FASB considers the possibility of convergence with IASB standards when deciding which topics to add to its work agenda.
C)A member of the FASB serves as a liaison with the IASB by working out of the IASB's offices in London.
D)A joint project develops a common conceptual framework that both the FASB and IASB could use as a basis for future standards.