International Financial Reporting Standards are
A)used by all European Union countries.
B)never used by corporations operating in the United States.
C)identical to Generally Accepted Accounting Principles.
D)guidelines used by corporations to determine a company's fair value upon cessation.
E)drastically different from Generally Accepted Accounting Principles.

Question

Quizplus · Accepted Answer

International Financial Reporting Standards (IFRS) are used by all European Union countries for preparing financial statements of publicly-traded companies.

Answer: E 
 IFRS are different from Generally Accepted Accounting Principles (GAAP) used in the United States, although there are efforts to harmonize the two accounting standards.

International Financial Reporting Standards Are