Which of the following is true about IFRS?
A)There is a global trend towards using IFRS for reporting purposes,though U.S.companies are not currently required to do so.
B)The switch to IFRS is required by the Sarbanes-Oxley Act.
C)IFRS is only slightly different than U.S.GAAP.
D)The switch to IFRS is cosmetic only-there isn't any real impact on AIS.

Question

Quizplus · Accepted Answer

IFRS is becoming the global standard for financial reporting, but U.S. companies are not currently required to use it.

Answer: B
 The Sarbanes-Oxley Act does not require the switch to IFRS.

Answer: False
 IFRS and U.S. GAAP have significant differences in their standards and requirements.

Answer: False
 The switch to IFRS has a significant impact on AIS, including changes to accounting policies and procedures.

Which of the Following Is True About IFRS