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:

Possession

The state of having control over something or someone, legally indicating ownership or the right to use.

Conditional Sales Contract

A type of contract in which the sale itself is contingent on approval; can be either a sale-on-approval contract or a sale-or-return contract.

Certified Appraiser

A professional designation for an individual qualified to assess the value of real property and personal property.

Masterpiece Sculptures

Exceptionally high-quality sculptures that are widely recognized for their artistic, historic, or cultural significance.