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