In 2009, the FASB completed a five-year effort to distill the existing GAAP literature into a single database known as:
a. the accounting standards database
b. international financial reporting standards
c. the converged accounting standards
d. the accounting standards codification
Financial statements follow:
a. rigid guidelines that require specific adherence to regulated procedures
b. generally accepted guidelines that allow management to choose among different procedures
c. general guidelines with little choice among different procedures
d. legal requirements for uniform presentation and disclosure
Differences between IFRS and GAAP include all of the following EXCEPT:
a. reversal of inventory write-downs
b. extraordinary items
c. lease capitalization
d. research and development costs