Which of the following is a CORRECT statement about GAAP and IFRS?
A.
IFRS prefers valuing assets at historical cost while GAAP prefers using fair value.
B.
IFRS is more "rules-based" than GAAP.
C.
The FASB and the IASB are working towards convergence of standards.
D.
The SEC will require all companies to use IFRS beginning in 2013.