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.
Want to see more full solutions like this?
Chapter A1 Solutions
Cornerstones of Financial Accounting - With CengageNow
- Financial Accountingarrow_forwardThe Tom Corporation forecasts that total overhead for the current year will be $1,500,000 and that total machine hours will be 12,500 hours. Year to date, the actual overhead is $950,000, and the actual machine hours are 18,000 hours. If Tom Corporation uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?arrow_forwardI need guidance with this general accounting problem using the right accounting principles.arrow_forward
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College