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:

Shaper Role

In team dynamics, the role of pushing a team towards action and shaping the direction of the team's work.

Thrive Under Pressure

The ability to perform very well in stressful situations.

Forming Stage

The initial phase in the development of a team, characterized by members getting to know each other and establishing group norms.

Group Development

The stages or phases that a team undergoes from formation to achieving effectiveness and accomplishing its objectives.