Which of the following statements regarding IFRS is incorrect?
A)All companies listed on the London Stock Exchange must use IFRS.
B)The SEC-required Form 20-F must be filed with the SEC by foreign issuers within 30 days.
C)The European Commission must "endorse" IFRS for required use by EU companies.
D)The SEC has expressed concern that transitioning to IFRS might be prohibitively expensive and might lessen U.S.influence over standard setting.

Question

Quizplus · Accepted Answer

The SEC-required Form 20-F must be filed by foreign private issuers with the SEC within four months of the fiscal year-end, not within 30 days. This form is equivalent to the annual report for U.S. companies and includes financial statements prepared according to U.S. GAAP, IFRS, or the issuer's home country GAAP.

Which of the Following Statements Regarding IFRS Is Incorrect