$1.$ Which of the following statements regarding the application of International Financial Reporting Standards $($IFRS$)$ is correct?

A$)$ IFRS is mandatory for all companies globally, regardless of jurisdiction.

B$)$ Companies that prepare financial statements under IFRS must provide a reconciliation to Generally Accepted Accounting Principles $($GAAP$)$ in their financial reports.

C$)$ IFRS emphasizes a principles$-$based approach, allowing for greater flexibility in accounting treatments compared to GAAP.

D$)$ IFRS prohibits the use of fair value measurement for financial instruments.

$2.$ Under the equity method of accounting for investments, which of the following is true?

A$)$ The investor recognizes its share of the investee's net income as revenue, increasing its investment account.

B$)$ The investor records the investment at cost and does