Which of the following statements is correct about the controversial issues surrounding IFRS 8?
A) The management approach adopted in IFRS 8 was argued to put preparers' needs ahead of users' needs.
B) Despite the objections from different parties, all IASB board members at the time unanimously agreed that IFRS 8 should replace IAS 14.
C) The European Parliament was not able to endorse IFRS 8 due to strong oppositions from European countries.
D) The proponents of IAS 14 argued that IFRS 8 contains too many mandatory disclosure requirements compared to IAS 14.

Question

Quizplus · Accepted Answer

The controversy surrounding IFRS 8 was mainly about the prioritization of preparers' needs over users' needs. The management approach adopted in IFRS 8 was criticized for allowing companies to disclose information based on their internal management reporting structure, rather than providing information that is relevant to the users of financial statements.

Which of the Following Statements Is Correct About the Controversial