How Does the International Federation of Accountants (IFAC) Differ from the International

question 22

Multiple Choice

How does the International Federation of Accountants (IFAC) differ from the International Accounting Standards Board (IASB) ?

• A) Adherence to IFAC standards is not voluntary.
• B) The IFAC is concerned with financial reporting standards only.
• C) The IFAC is dominated by the European Community (EC).
• D) The IFAC is more concerned with encouraging the harmonization of accounting principles than with standard setting.

---

Definitions:

Withdrawal Illness

Physical and mental symptoms that occur upon the abrupt discontinuation or decrease in intake of a substance.

Physical Dependence

A physiological state in which the body adapts to the presence of a substance, leading to withdrawal symptoms when the substance is reduced or removed.

Tolerance

The capacity to accept or endure differences, opinions, or behavior in others without adverse reactions.

Dream Interpretation

The process of assigning meaning to dreams, often based on the idea that dreams can reveal hidden desires and emotions.