Which of the Following Statements,regarding International Financial Reporting Standards (IFRS),is

question 228

Multiple Choice

Which of the following statements,regarding International Financial Reporting Standards (IFRS) ,is correct?

• A) International Financial Reporting Standards are issued by the Financial Accounting Standards Board.
• B) The Securities and Exchange Commission is the private organization that oversees the creation and governance of International Financial Reporting Standards.
• C) International Financial Reporting Standards represent a set of global accounting standards that are generally more specific and based less on principle than U.S. Generally Accepted Accounting Principles.
• D) Companies who are incorporated in or do significant business in another country might be required to publish financial statements using International Financial Reporting Standards.

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Definitions:

Agreement

A mutual understanding or arrangement between two or more parties defining each party's rights and obligations.

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The institutions responsible for interpreting and applying the law in legal cases, both civil and criminal.

Unenforceable Agreement

An agreement that, due to legal deficiencies or other issues, cannot be upheld or enforced by a court of law.

Remedy

Legal means for enforcing a right or redressing a wrong, including compensation, injunction, specific performance, and other forms of relief.