Which of the Following Statements About International Financial Reporting Standards

question 74

Multiple Choice

Which of the following statements about International Financial Reporting Standards (IFRS) is NOT true?

• A) IFRS sets out broad and general principles that accountants should follow when preparing financial statements.
• B) IFRS leaves LESS room for discretion than GAAP does.
• C) IFRS offers simplicity but also possibly more leeway for accounting malpractice than does GAAP.
• D) In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S. companies from GAAP to IFRS.

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Definitions:

Statement Of Denial

A formal declaration made by a party in a legal proceeding, denying specific allegations made against them.

Secretary Of State

A high-ranking official in the government responsible for the foreign affairs portfolio, often overseeing diplomatic missions, signing treaties, and generally executing foreign policy.

Authority Limitation

Authority Limitation refers to any restrictions placed on the power or official capacity in which an individual or entity can act within legal or organizational contexts.

Real Property

Land and any permanent structures attached to it, such as buildings, homes, and other fixtures.