Assume that a nation has fully adopted IFRS. Which of the following statements is true?
A)Since the nation has fully adopted IFRS, all standards will be applied in the same way as other nations that have fully adopted IFRS.
B)Since the nation has fully adopted IFRS, IFRS must be applied to all business enterprises in the nation.
C)Although the nation has fully adopted IFRS, standards may be applied in different ways to suit the local environment.
D)Although the nation has fully adopted IFRS, business enterprises can choose to opt out as long as they have government approval to do so.

Question

Quizplus · Accepted Answer

Even though a nation may have fully adopted IFRS, the application of these standards can vary to accommodate local regulatory, legal, and economic environments. This flexibility allows for some differences in how standards are implemented across different countries.

Assume That a Nation Has Fully Adopted IFRS