Which statement is FALSE?

A.

International Financial Reporting Standards are used by most countries around the world.

B.

U.S. Generally Accepted Accounting Principles are used by many countries around the world.

C.

The most commonly used accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards.

D.

For many years, U.S. Generally Accepted Accounting Principles were considered to be the strongest single set of accounting standards in the world.