Which of the Following Statements Is Correct

question 24

Multiple Choice

Which of the following statements is correct?

• A)IFRS rules are broader based than U.S or Canadian GAAP.
• B)Canadian accounting rules will be closer to those of the FASB in the next few years than to IFRS.
• C)FASB standards are clearly superior to IFRS.
• D)IFRS expressly prohibits the use of fair values and optional accounting treatments.

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Definitions:

Accord and Satisfaction

A legal agreement between parties to settle a dispute by one party paying a sum less than the amount originally owed and the other accepting it, effectively discharging the original claim.

Obligations

Duties or commitments imposed by law, contract, or moral responsibilities.

Monetary Damages

Compensation awarded to a plaintiff in a lawsuit as a monetary payment for losses or injuries incurred.

Legal Remedies

Solutions provided by a court of law, typically involving compensation or specific performance as a resolution to a legal dispute.