Which of the following is not true for the International Accounting Standards and the International Financial Reporting Standards?
A) They are based on the legalistic approach.
B) They provide choices in the recognition and measurement of various accounting transactions.
C) They incorporate 'uncertainty expressions', such as 'probable', 'significant influence', 'control' and 'substantial'.
D) They are based on the concept of presenting a 'true and fair view' of a company's financial reports, where professional accountants are given the right to use their judgment to accomplish this goal.
Correct Answer:
Verified
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