Which statement is true about IFRS?
A) It has legal authority to impose accounting standards world-wide
B) It is working to reduce diversity in financial reporting practices across the world
C) It has replaced GAAP financial accounting standards
D) It is under the control of the SEC

Question

Quizplus · Accepted Answer

U.S. GAAP reporting still exists and has no control over the IASB who creates IFRS's accounting standards.

Which Statement Is True About IFRS