Which of the following ownership structures must adhere to IFRS for its financial reporting?
A)Partnerships
B)Private Corporations
C)Public Corporations
D)All of the above

Question

Quizplus · Accepted Answer

Public corporations, which have shares traded on public stock exchanges, are required to adhere to International Financial Reporting Standards (IFRS) for their financial reporting. Private corporations and partnerships are not required to follow IFRS, though they may choose to do so voluntarily or follow other accounting standards.

Which of the Following Ownership Structures Must Adhere to IFRS