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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following statements is true?

a. The FASB has consistently resisted the adoption of IFRS in the United States for fear that it will lose its standard-setting authority.

b. The requirement to use IFRS by the European Union led to a significant increase in the global acceptance of IFRS.

c. IFRS have existed for nearly as long as U.S. GAAP: however. it only recently began to gain acceptance as a body of high-quality accounting standards.

d. The SEC is considering allowing foreign companies who trade stock on the U.S. stock exchanges to use IFRS.

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The true statement.

Explanation

Explanation for correct answer:

The requirement to use IFRS by the EU led to a significant increase in the global acceptance of IFRS. Hence correction option is b.

Explanation for incorrect answers:

a. FASB does not resist the application of IFRS...

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