Companies that have the option to follow IFRS develop their own set of financial accounting rules and modify them whenever the market changes.

Question

Quizplus · Accepted Answer

Companies that have the option to follow IFRS must adhere to the accounting standards set by the International Accounting Standards Board (IASB). They cannot develop their own set of financial accounting rules and must apply the standards consistently. However, they may make certain choices within the standards based on their specific circumstances.

Companies That Have the Option to Follow IFRS Develop Their