Which of the Following Is Not True About IFRS

question 5

Multiple Choice

Which of the following is not true about IFRS?

• A) The IASB does not have the ability to enforce proper usage of IFRS.
• B) IFRS is available to any organization or nation that wishes to use those standards.
• C) IFRS is a comprehensive set of financial reporting standards.
• D) IFRS includes only pronouncements issued by the IASB.
• E) IFRS are considered as generally accepted accounting principles.

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Definitions:

Issuing Entity

The company or governmental entity that offers securities for sale to investors.

Historical Average

A statistical measure that represents the average outcome of a set of data over a previous period.

Rate of Return

The increase or decrease in the value of an investment during a specific timeframe, represented as a proportion of the investment's initial outlay.

Commodity

A basic good used in commerce that is interchangeable with other commodities of the same type; common examples include grains, gold, beef, oil, and natural gas.