Which of the following statements is false?
A) The SEC permits the use of IFRS-based financial statements by international companies with shares trading on U.S. stock exchanges.
B) Non-U.S. companies operate in the United States but prepare their financial statements using IFRS.
C) Accountants must convert to U.S. GAAP the IFRS financial statements of foreign subsidiaries that belong to U.S. companies.
D) The accounting profession has determined that a working knowledge of IFRS is not important for accountants working in the United States.

Question

Quizplus · Accepted Answer

A working knowledge of IFRS is important for accountants in the United States due to globalization and the presence of international companies operating in the U.S.

Which of the Following Statements Is False