Which of the following statements is false?
A) Proprietorships, partnerships, and corporations are also found in countries that use IFRS.
B) Non-U.S companies that trade shares in U.S markets must reconcile their accounting with GAAP.
C) FASB and the IASB are working on a joint project related to the conceptual framework.
D) GAAP is based on a conceptual framework that is similar to that used to develop IFRS.

Question

Quizplus · Accepted Answer

Non-U.S companies that trade shares in U.S markets are no longer required to reconcile their accounting with GAAP if they use IFRS, as the SEC allows the use of IFRS without reconciliation.

Which of the Following Statements Is False