Which of the following statements is true regarding the SEC\'s timeline for conv

Question

Which of the following statements is true regarding the SEC's timeline for convergence?

Multiple Choice

The SEC has a plan in place to allow firms to begin filing in the United States based on IFRS during the next several years.

The SEC currently allows domestic companies to choose to file financial statements under either GAAP or IFRS reporting standards.

The SEC has no immediate plans to converge GAAP reporting with IFRS standards.

The SEC has a plan in place to allow companies to choose to file statements under GAAP reporting or IFRS standards indefinitely.

Explanation / Answer

Option C is correct.

The SEC has no immediate plans to converge GAAP reporting with IFRS standards, which is conveyed by the the SEC's timeline for convergence.

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