Which of the following is true with respect to the implementation of IASB standards for the European Union?
A) These standards have been in place since 1985.
B) Beginning in 2005, all European companies whose shares trade on stock exchanges were required to prepare their consolidated financial statements in accordance with IFRSs.
C) All members of the European Union are required to comply with these standards with the exception of the United Kingdom.
D) Compliance with these standards by European public companies is strictly optional.

Question

Quizplus · Accepted Answer

Beginning in 2005, all European companies whose shares trade on stock exchanges were required to prepare their consolidated financial statements in accordance with IFRSs, as mandated by the European Union.

Which of the Following Is True with Respect to the Implementation