Question 1
IFRS stands for
◦ International Financial Reporting Standards.
◦ International Forensic Response System.
◦ International and Financial Reporting Statements.
◦ International Financial Recovery System.
Question 2
Which of the following is
true about IFRS?
◦ There is a global trend towards using IFRS for reporting purposes, though U.S. companies are not currently required to do so.
◦ The switch to IFRS is required by the Sarbanes-Oxley Act.
◦ IFRS is only slightly different than U.S. GAAP.
◦ The switch to IFRS is cosmetic only—there isn't any real impact on AIS.