Which of the Following Statements Is False

question 22

Multiple Choice

Which of the following statements is false?

• A)Under IFRS,there are the same number of financial statement elements as in GAAP
• B)The FASB and IASB are no longer working on a joint conceptual framework project.
• C)The monetary unit assumption is used under IFRS.
• D)Under IFRS,companies may use fair value for property,plant,and equipment.

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Definitions:

European Union

A political and economic union of 27 European countries that are tied by a common market and numerous regulatory measures.

Ethnoculturalism

The advocacy or emphasis on the distinct characteristics and significance of a particular ethnicity or culture within a society.

Multiculturalism

The presence or support for the coexistence of diverse cultures, including racial, religious, or cultural groups within a society.

Ethnicities

Social groups that share a common and distinctive culture, religion, language, or the like.