Which of the Following Is Not True About IFRS

question 5

Multiple Choice

Which of the following is not true about IFRS?

• A) The IASB does not have the ability to enforce proper usage of IFRS.
• B) IFRS is available to any organization or nation that wishes to use those standards.
• C) IFRS is a comprehensive set of financial reporting standards.
• D) IFRS includes only pronouncements issued by the IASB.
• E) IFRS are considered as generally accepted accounting principles.

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Definitions:

Business Organization

The structure of a company or enterprise, specifying how it is formed, run, and governed, including entities like corporations, partnerships, and sole proprietorships.

Economic Service

A service that provides economic benefit, including financial services, market analysis, and investment guidance.

Incorporated Cooperative

A cooperative entity that is legally incorporated, offering its members certain rights and protections under the law.

Profits

represents the financial gains obtained from business activities after subtracting all expenses.