Question
Which of the following statements concerning International Financial Reporting Standards (IFRS) is true? A. IFRS allows for the use of the cash basis of accounting
Which of the following statements concerning International Financial Reporting Standards (IFRS) is true?
- A.
IFRS allows for the use of the cash basis of accounting for revenue recognition.
- B.
Adoption of IFRS as the reporting standard is only mandatory for the financial statements of very large companies.
- C.
Private enterprises are prohibited from adopting IFRS as their reporting basis.
- D.
A full set of financial statements must include not only an income statement, balance sheet, and statement of cash flows, but also a statement of changes in equity.
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McGraw-Hill Education SAT 2017
Authors: Christopher Black, Mark Anestis
1st Edition
1259641651, 978-1259641657
