Which of the Following Are Not Authoritative Pronouncements of International

question 26

Multiple Choice

Which of the following are not authoritative pronouncements of International Financial Reporting Standards (IFRSs) ?
1) International Financial Reporting Standards issued by the IASB
2) International Accounting Standards issued by the IASC and adopted by the IASB
3) Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC)
4) U.S. Generally Accepted Accounting Principles

• A) 4 only.
• B) 3 and 4.
• C) 1, 3, and 4.
• D) 2, 3, and 4.
• E) 1, 2, 3, and 4.

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Definitions:

Currency

A medium of exchange for goods and services, typically issued by a government.

Clear-Cut

Unambiguous or obvious, often used to describe decisions or distinctions that are straightforward and easily discerned.

Malaysian Palm Oil

A significant commodity export from Malaysia, palm oil is a vegetable oil obtained from the fruit of the African oil palm tree and is used in food, cosmetics, and biofuel.

Translation Statement

A financial statement that converts the figures from a foreign subsidiary's local currency into the parent company's reporting currency.