Which of the following best describes international financial reporting standards? a. IFRS describes the generally accepted accounting

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Which of the following best describes international financial reporting standards?

a. IFRS describes the generally accepted accounting principles that are currently used by all companies in the United States.

b. IFRS consist only of standards that have been issued since the IASB was formed in 2001.

c. IFRS are considered to be more concept-based than U.S. GAAP.

d. IFRS will be required to be used in the United States beginning in 2014.

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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