Which of the Following Does $\underline{not}$ Accurately Characterize the IFAC?
A)It Produces International Financial Reporting Standards

question 17

Multiple Choice

Which of the following does $\underline{not}$ accurately characterize the IFAC?

• A)It produces international financial reporting standards.
• B)Its guidelines cannot be imposed on any member organization or nation.
• C)Its board produces international standards for ethics, education, and public sector accounting.
• D)It produces international standards for auditing and assurance.

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Definitions:

Contract Involved

Pertains to the specific agreement or legal document at the center of a discussion, negotiation, or dispute.

Remedies of Damages

Legal means to recover compensation or rectify harm caused by breaches of contract, torts, or other legal infringements.

Concealment

Concealment involves hiding or withholding information that should otherwise be disclosed, often with the intent to defraud or deceive.

Negligent Misrepresentation

A false statement made carelessly that induces someone to act to their detriment, creating legal liability.