The following is true for the International Financial Reporting Standards (IFRS) except
A) The first push for the IFRS began in 1973
B) European Union mandated in 2002 to implement IFRS as of January 1, 2005
C) The parent organization of IFRS is the International Accounting Standards Committee
D) FASB of the United States and the IASB pledged their best efforts to reconcile and reach common platforms of the different accounting standards in 2002 under the Norwalk agreement
E) Less than 20 countries have adopted the IFRS as of 2008
Correct Answer:
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