Which of the Following Is True About IFRS

question 28

Multiple Choice

Which of the following is true about IFRS?

• A) Financial statements likely must be prepared using IFRS beginning in 2015.
• B) The switch to IFRS is required by the Sarbanes-Oxley Act.
• C) IFRS is only slightly different than US GAAP.
• D) The switch to IFRS is cosmetic only there isn't any real impact on AIS.

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Definitions:

Government Tax

A government tax is a mandatory contribution imposed by the government on individuals, corporations, and transactions to raise revenue for public projects and services.

Drink And Drive

The illegal act of operating a motor vehicle while under the influence of alcohol, which impairs cognitive and motor skills.

Taxi Drivers

Taxi drivers are individuals who operate cars for hire to transport passengers between locations of their choice for a fare.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate.