Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted...
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Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)?
a. IFRS is an accepted standard for public financial reporting in over 130 countries
b. IFRS is an accepted standard for foreign companies filing with the U. S. Securities and Exchange Commission
c. IFRS is an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission
d. IFRS are principles-based while U.S. GAAP includes more detailed rules
Homework Answers
| Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? | |
| Ans: | c. IFRS is an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission |
| Explanation:- | IFRS is an accepted standard for public financial reporting in over 130 countries and an accepted standard for foreign companies filing with the U. S. Securities and Exchange Commission.IFRS are principles-based while U.S. GAAP includes more detailed rules. But IFRS is not an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission |
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