According to the Accounting Concept of Mutual Recognition, ________

question 16

Multiple Choice

According to the accounting concept of mutual recognition, ________.

• A)companies are required to reconcile financial statements to local GAAP
• B)a country would accept financial statements of foreign companies prepared according to the GAAP of the foreign country if a company wanted to list its shares on that country's stock exchange
• C)companies would have to mutually agree to use GAAP issued by the IASB
• D)companies would have to recast their financial statements in terms of local GAAP