Which of the Following Is True About IFRS

question 21

Multiple Choice

Which of the following is true about IFRS?

• A)There is a global trend towards using IFRS for reporting purposes,though U.S.companies are not currently required to do so.
• B)The switch to IFRS is required by the Sarbanes-Oxley Act.
• C)IFRS is only slightly different than U.S.GAAP.
• D)The switch to IFRS is cosmetic only-there isn't any real impact on AIS.

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Definitions:

Assimilation

The process by which individuals or groups of differing ethnic heritage are absorbed into the dominant culture of a society.

Accommodation

In cognitive psychology, the process of modifying existing cognitive schemas, perceptions, and understandings to incorporate new information.

Cognitive Structures

Mental frameworks that help individuals organize and interpret information, fundamental to learning and understanding.

Accommodation

In psychology, a cognitive process that involves altering one's existing schemas, or ideas, as a result of new information or experiences.