Which of the following statements is true about common-law countries?
A)Common-law countries must completely adopt IFRS.
B)Amendments to IFRS by common-law countries must be done legislatively.
C)Amendments to IFRS by common-law countries must be done by government regulation.
D)In common-law countries, the local non-government standard setting authority can decide which international standards to adopt.

Question

Quizplus · Accepted Answer

In common-law countries, the local non-government standard setting authority can decide which international standards to adopt. Common-law countries are not required to adopt IFRS completely but can make amendments according to their legal system and governing bodies. These amendments can be made by the local non-government standard setting authority rather than through legislative or government regulation processes.

Which of the Following Statements Is True About Common-Law Countries