Which of the following is correct regarding IFRS?
A)Companies that are required to file their financial statements with the SEC must follow IFRS starting in 2015.
B)Recent developments suggest that the SEC may be slowing down its efforts towards adopting IFRS any time soon.
C)When an auditor is engaged to report on financial statements prepared in accordance with IFRS,they must issue a qualified opinion.
D)The introductory paragraph of the audit report is modified to indicate that the audit was conducted in accordance with International Standards on Auditing.

Question

Quizplus · Accepted Answer

While the SEC has been considering adoption of IFRS for many years, recent developments suggest that they may be backing away from this initiative. Therefore, option B is correct. Option A is not correct, as the SEC has not yet mandated IFRS adoption. Option C is not correct, as auditors are not required to issue a qualified opinion when reporting on IFRS-prepared financial statements. Option D is also not correct, as the introductory paragraph of the audit report does not need to be modified to indicate IFRS adherence.

Which of the Following Is Correct Regarding IFRS