Which of the following statements is INCORRECT regarding the International Financial Reporting Standards (IFRS) ?
A) The standards are promulgated by the International Accounting Standards Board.
B) IFRS takes into account the financial reporting needs of emerging economies and small and medium-sized entities.
C) The U.S. has adopted IFRS, and U.S. companies are now subject to the international standards.
D) All of the above statements are correct.
Correct Answer:
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