Which of the following statements is correct?

Question

Quizplus · Accepted Answer

IFRS rules are considered to be broader in scope than the U.S or Canadian GAAP as it covers more accounting topics and provides principles-based guidance rather than detailed rules-based guidance.

Answer: B
 Canada has adopted IFRS and has been converging its accounting standards with IFRS since 2011. Thus, Canadian accounting rules are expected to be closer to IFRS than to FASB in the future.

Answer: None of the statements suggest that FASB standards are clearly superior to IFRS. 
 The given options do not provide any support for the superiority of one accounting standard over the other.

Answer: D
 This statement is incorrect as IFRS allows the use of fair values in certain circumstances and also provides optional accounting treatments for some transactions. Hence, option D is not the correct answer.

Which of the Following Statements Is Correct