Which of the Following Statements Regarding IFRS Is Incorrect

question 144

Multiple Choice

Which of the following statements regarding IFRS is incorrect?

• A)All companies listed on the London Stock Exchange must use IFRS.
• B)The SEC-required Form 20-F must be filed with the SEC by foreign issuers within 30 days.
• C)The European Commission must "endorse" IFRS for required use by EU companies.
• D)The SEC has expressed concern that transitioning to IFRS might be prohibitively expensive and might lessen U.S.influence over standard setting.

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Definitions:

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Going Concern

The assumption that a company will continue in operation for the foreseeable future.

Qualitative Characteristics

Attributes that enhance the usability of financial information, including relevance and faithful representation.