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)The SEC is currently deliberating if IFRS will be required to be used by 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

The accounting profession has recognized the importance of IFRS and encourages accountants working in the United States to learn about its principles and application, so statement D is false. A, B, and C are all true statements.

Which of the Following Statements Is FALSE