Which of the Following Statements About the Adoption of IFRS

question 34

Multiple Choice

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

• A)Code-law countries that adopt IFRS must adopt it completely, but common-law countries can choose to partially adopt IFRS.
• B)Common-law countries that adopt IFRS must adopt it completely, but code-law countries can choose to partially adopt IFRS.
• C)Both code-law and common-law countries can choose to partially adopt IFRS.
• D)Both code-law and common-law countries that choose to adopt IFRS must adopt it in its entirety.

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Definitions:

Support Function

Activities or services that assist core business operations without being part of the direct production of goods or services.

Inventory Control

The supervision of supply, storage, and accessibility of items to ensure an adequate supply without excessive oversupply.

Information Technology

The employment of computers, storage systems, networking, and various physical components, infrastructure, and procedures for generating, processing, storing, safeguarding, and sharing electronic data in all its forms.

Warehouse Management System

A software application designed to support and optimize warehouse or distribution center management operations and processes.