Which of the following is true about IFRS?
A) Financial statements likely must be prepared using IFRS beginning in 2015.
B) The switch to IFRS is required by the Sarbanes-Oxley Act.
C) IFRS is only slightly different than US GAAP.
D) The switch to IFRS is cosmetic only there isn't any real impact on AIS.

Question

Quizplus · Accepted Answer

Beginning in 2015, many countries require or permit the use of IFRS for financial reporting purposes. As a result, many companies, including some in the U.S., are beginning to switch to IFRS. However, it should be noted that the switch is not required by the Sarbanes-Oxley Act and that IFRS differs from U.S. GAAP in significant ways. Additionally, the transition to IFRS can impact an organization's AIS in terms of changes to financial reporting processes, systems, and controls.

Which of the Following Is True About IFRS