C describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

Question 1

IFRS no longer required to reconcile to US GAAP

Answer 1

that’s the status of global convergence

Question 2

Barriers

Answer 2

Disagreements, politics

Question 3

Which of the following is most likely to be considered a barrier to developing one universally recognized set of reporting standards?
A) Different standard-setting bodies of different countries disagree on the best treatment of a particular issue.
B) Reluctance of firms to adhere to a single set of reporting standards.
C) GATT already requires sufficient agreement.
Your answer: B was incorrect. The correct answer was A) Different standard-setting bodies of different countries disagree on the best treatment of a particular issue.
A principal obstacle to agreement on a single set of reporting standards is that various standard-setting bodies and regulatory authorities disagree on what the standards should be. Firms generally support the idea because it would reduce the cost of reporting. GATT is the General Agreement on Tariffs and Trade and does not relate to financial reporting.

Answer 3

Which of the following is most likely to be considered a barrier to developing one universally recognized set of reporting standards?
A) Different standard-setting bodies of different countries disagree on the best treatment of a particular issue.
B) Reluctance of firms to adhere to a single set of reporting standards.
C) GATT already requires sufficient agreement.
Your answer: B was incorrect. The correct answer was A) Different standard-setting bodies of different countries disagree on the best treatment of a particular issue.
A principal obstacle to agreement on a single set of reporting standards is that various standard-setting bodies and regulatory authorities disagree on what the standards should be. Firms generally support the idea because it would reduce the cost of reporting. GATT is the General Agreement on Tariffs and Trade and does not relate to financial reporting.