Concept introduction:
International financial reporting framework (IFRS):
International
To choose:
The option that correctly describes International financial reporting framework.
Answer to Problem 1MCQ
b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.
Explanation of Solution
Explanation for correct answer:
IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.
Explanation for incorrect answers:
a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.
c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.
d. IFRS are already being used in United States. Hence it is not the correct option.
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Chapter A1 Solutions
Cornerstones of Financial Accounting
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