Which of the Following Statements Is INCORRECT Regarding the International

question 8

Multiple Choice

Which of the following statements is INCORRECT regarding the International Financial Reporting Standards (IFRS) ?

• A)The standards are promulgated by the International Accounting Standards Board.
• B)IFRS takes into account the financial reporting needs of emerging economies and small and medium-sized entities.
• C)The United States has adopted IFRS, and U.S. companies are now subject to the international standards.
• D)All of the these statements are correct.

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Definitions:

Social Minorities

Groups within a society that are differentiated by cultural, ethnic, racial, or religious identities and often have less power or fewer rights than the majority.

Manhattan Project

Secret American program during World War II to develop an atomic bomb; J. Robert Oppenheimer led the team of physicists at Los Alamos, New Mexico.

Atomic Weapon

A powerful weapon of mass destruction that releases energy through nuclear reactions, either fission or a combination of fission and fusion.

German Scientists

Scientists from Germany who have contributed significantly to various fields of study, including physics, chemistry, biology, and engineering, among others.