Which of the Following Statements Is Correct

question 1

Multiple Choice

Which of the following statements is correct?

• A)IFRS issued by the IASB currently consist of eleven standards issued since the formation of the IASB in 2001.
• B)IAS issued by the IASC from its beginning in 1971 that have not been superseded by the IFRS.Currently of the original forty-one IAS,ten are still in effect.
• C)Financial statements can be described as complying with IFRS as long as they comply with two out of the whole requirements of IFRS.
• D)Interpretations originated by the IFRIC or its predecessor,the SIC.Currently,sixteen IFRIC and eleven SIC are still in effect.

---

Definitions:

First-Assignment-in-Time Rule

A principle stating that the party who first receives an assignment or right will have priority over others in certain legal contexts.

Intended Beneficiary

A person or group for whom a benefit is intended, especially in the context of a contract or agreement.

Delegatee

A person or entity to whom duties, powers, or responsibilities have been transferred by a delegator.

Anti-Assignment Clause

A provision in a contract that prohibits the transfer of rights or delegation of duties to another party without prior consent.