International Financial Reporting Standards (IFRS) are: Rules and regulations go

ID: 2327946 • Letter: I

Question

International Financial Reporting Standards (IFRS) are:

Rules and regulations governing international accounting

Developed by FASB and used by all EU countries

Converging with U.S. GAAP, with no differences in accounting principals

Converging with U.S. GAAP, with both accounting systems set to be identical by 2007

Rules and regulations governing international accounting

Developed by FASB and used by all EU countries

Converging with U.S. GAAP, with no differences in accounting principals

Converging with U.S. GAAP, with both accounting systems set to be identical by 2007

IFRS is issued by IASB and not by FASB. IFRS is different from US GAAP. Most of the countries in the world has adopted IFRS.

Correct answer is option A : Rules and regulations governing international accounting

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