intermediate financial accounts

Hiroto and Hawea have always strongly disagreed about most things, but they do agree on these: I. Once adopted, adherence to IFRS standards is conditional II. Local standard setting bodies are independent of the IASB Are these two statements correct or incorrect? a. I\& II are correct b. Only lis incorrect c. None of the above d. Only II is correct Which of the following is an implication of off-balance sheet financing? a. The IASB ratifying accounting standards that facilitate this practice b. The Statement of Changes in Equity requiring an additional column c. Financing of the entity being posted to the Statement of Profit or Loss d. Financing of the entity being represented in part on the Statement of Financial Position Which of the following statements is true? a. Fair value as a measure of assets and liabilities will not lead to volatility in reporting b. Improvement of consistency in financial statements globally is a long-term goal c. IFRSs have been adopted by all business entities globally d. The cost of transitioning from US GAAP to IFRS will be recoverable in the short-term