Which of the Following Statements Holds True for International Financial

question 10

Multiple Choice

Which of the following statements holds true for international financial reporting standards (IFRS) ?

• A)It refers to a set of accounting standards issued by theInternational Public Sector Accounting Standards (IPSAS)Board for use by public sector entities throughout the world to prepare their financial statements.
• B)It refers to the standards that are developed by the International Accounting Standards Board (IASB)for reporting company financial results and that are followed by over one hundred nations throughout the world.
• C)It refers to the set of standards developed by the European Union for reporting any discrepancies in financial reporting by non-EU firms.
• D)It refers to the standards that are developed by the International Monetary Fund to assess the financial strength and credit worthiness of countries throughout the world.
• E)It refers to the standards that are developed by the US Financial Accounting Standards Board (FASB)for reporting company financial results and that all US companies or companies operating in the US must follow.

---

Definitions:

Educational Activity

A task or project designed to impart knowledge or develop skills, often used within teaching and learning environments.

Formal Schooling

Education that occurs in a structured environment specifically designed for teaching and learning, typically in schools or universities.

Sense Of Independence

The feeling or perception of being self-sufficient and capable of making decisions without reliance on others.

Socialization With Peers

The process of learning social norms, values, and behaviors through interactions with peers.