At a recent staff seminar on accounting requirements, participants made several observations about international financial reporting standards (IFRS).Only one of the comments is correct.Which is it?

Question

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This statement is correct. Since 2005, listed companies in the European Union have been required to comply with IFRS. Option A is incorrect because while the first IFRS was issued in 2003, they cover a comprehensive range of topics. Option B is incorrect because listed companies in the UK are required to comply with IFRS by default, unless they fall within certain exceptions. Option C is incorrect because UK accounting standards are still relevant for smaller entities that are not required to comply with IFRS.

At a Recent Staff Seminar on Accounting Requirements, Participants Made