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:

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power, typically measured as an annual percentage increase.

Nation's Currency

The system of money in general use in a particular country, representing the medium of exchange and basis for trade.

Unsold Goods

Items that have been produced or acquired for sale but have not been purchased by consumers, often leading to excess inventory for businesses.

Republicanism

A political ideology centered on citizenship in a state organized as a republic, emphasizing liberty, and the rule of law as opposed to hereditary monarchy.