Pam and sue are discussing ifrs and gaap principles before the convergence of the standards on revenue recognition. pam says that the two reporting standards were very similar before convergence, but sue disagrees, explaining that they were very different from one another. all of the following statements are true regarding convergence of u. s. gaap with ifrs except:
(a) ifrs tends to be less stringent in its disclosure requirements than u. s. gaap.
(b) the iasb has looked to the united states to determine the structure it should follow in establishing ifrs.
(c) foreign companies that trade shares in u. s. markets are required to reconcile their accounting with u. s. gaap under these convergence efforts.
(d) the standard-setting structure for ifrs is very similar to the standard-setting structure in the united states