In 2002, the ________ required adoption of International Financial Reporting Standards (IFRS)by 2005.

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In 2002, the European Union (EU) required adoption of International Financial Reporting Standards (IFRS) by 2005 for all companies listed on EU stock exchanges. The Securities and Exchange Commission (SEC) is the regulatory body for the US securities market and does not have jurisdiction over EU accounting standards. The Accounting Standards Board (ASB) is a UK accounting standard-setter and is not related to the adoption of IFRS by the EU. GAAP (Generally Accepted Accounting Principles) is a set of accounting standards used in the United States, not in the EU.

In 2002, the ________ Required Adoption of International Financial Reporting