"Adoption" means abandoning a country's financial reporting standards and replacing them with:

Question

Quizplus · Accepted Answer

"Adoption" refers to the process of replacing a country's financial reporting standards with International Financial Accounting Standards (IFRS). Option A is incorrect because International Accounting Standards is an outdated term and has been replaced by IFRS. Option C is incorrect because Generally Accepted Accounting Principles (GAAP) is the financial reporting standard used in the United States and not globally. Option D is incorrect because it refers to a government agency in the US and not a financial reporting standard.

"Adoption" Means Abandoning a Country's Financial Reporting Standards and Replacing