Which of the following is TRUE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
A.
Publicly traded companies must adhere to the specific financial reporting practices in their jurisdiction.
B.
U.S. GAAP is a principle-based accounting framework, whereas IFRS is a rules-based accounting framework.
C.
All organizations must use U.S. GAAP if they conduct business with entities in the United States.
D.
Management determines which accounting framework an organization will adhere to for financial reporting.
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_denw
1 week, 2 days ago