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

Question

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"Adoption" usually refers to a country's decision to replace its own financial reporting standards with International Financial Reporting Standards (IFRS), which are developed and maintained by the International Accounting Standards Board (IASB). Option A (International Accounting Standards) refers to an old set of standards that have been replaced by IFRS. Option C (Generally Accepted Accounting Principles) is the term used for the accounting standards used in the United States, while option D (Securities and Exchange Commission Principles) is not a commonly used term in the accounting profession.

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