Which of the following statements about International Financial Reporting Standards (IFRS)is NOT true?
A) IFRS sets out broad and general principles that accountants should follow when preparing financial statements.
B) IFRS leaves LESS room for discretion than GAAP does.
C) IFRS offers simplicity but also possibly more leeway for accounting malpractice than does GAAP.
D) In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S. companies from GAAP to IFRS.

Question

Quizplus · Accepted Answer

IFRS actually leaves MORE room for discretion than GAAP does, as IFRS provides fewer specific rules and more principles-based guidance.

Which of the Following Statements About International Financial Reporting Standards