Which of the Following Statements About the Use of GAAP

question 36

Multiple Choice

Which of the following statements about the use of GAAP for private companies is true?

• A)Private companies must use IFRS.
• B)Private companies must use Accounting Standards for Private Enterprises.
• C)Private companies may use either full IFRS or Accounting Standards for Private Enterprises.
• D)Private companies may use either modified IFRS or Accounting Standards for Private Enterprises.