Which of the Following Is Not an Effect of the IFRS

question 36

Multiple Choice

Which of the following is not an effect of the IFRS for SMEs?

• A)It omits topics in IFRS that are not relevant to SMEs
• B) It allows the easier option when IFRS permits accounting policy choices
• C) It simplifies many principles for recognizing and measuring assets, liabilities, income, and expenses
• D) It requires significantly greater disclosures

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Definitions:

Verbal Communication

The process of expressing ideas and conveying messages through spoken words to another individual or group.

Assumptions

Beliefs or statements taken to be true without requiring empirical evidence.

Reality

The state of things as they actually exist, as opposed to how they may appear or may be thought to be.

Oral Communication

The process of expressing information or ideas through spoken words.