Which of the Following Statements About the Adoption of IFRS

question 25

Multiple Choice

Which of the following statements about the adoption of IFRS is true?

• A)Many European countries adopted IFRS prior to 2011.
• B)Canada adopted IFRS in 2012.
• C)All European and North American countries adopted IFRS in 2011.
• D)All European, Asian, and African countries adopted IFRS in 2011.

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Definitions:

Fiduciary Duty

Someone who is required to act for the benefit of another person on all matters within the scope of their relationship; one who owes to another the duties of good faith, loyalty, due care, and disclosure.

Personal Representative

An individual appointed to administer the estate of a deceased person, managing and distributing the person's assets per their will or law.

Treasury Bills

Short-term government securities issued at a discount from the face value and redeemed at maturity for the full face value.

Escheats

The process by which unclaimed or abandoned property reverts back to the state.