Question Details

IFRS is considered more comprehensive than U.S. GAAP and the standards contain more implementation 



True or false:
1.	The standards issued by various standard-setting organizations around the world include standards that are profit-oriented and investor-focused.
	2.	The two major standard-setting organizations in the world are the International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO).

	3.	IFRS is considered more comprehensive than U.S. GAAP and the standards contain more implementation guidance than U.S. GAAP.  

	4.	The International Organization of Securities Commissions (IOSCO) sets accounting standards for those countries which have not yet adopted IFRS.

	5.	The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS); the first step in the process is holding a public hearing.  




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