Which of the following is a true statement about International Financial Reporting Standards? a. They are considered to be the single strongest set of accounting standards in the world. b. They are more exact (contain more rules) than U.S. generally accepted accounting principles. c. They are converging gradually with U.S. standards. d. They are not being applied anywhere in the world yet, but soon they will be.
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IFRS is a widely accepted set of accounting standards, but it may not be considered the single strongest set in the world. b. IFRS is more principles-based, while US GAAP is more rules-based, so IFRS is not more exact than US GAAP. c. IFRS and US GAAP have been Show more…
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