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Which of the following statements is false?
A) Under IFRS, there are the same number of financial statement elements as in GAAP.
B) The FASB and IASB are no longer working on a joint conceptual framework project.
C) The monetary unit assumption is used under IFRS.
D) Under IFRS, companies may use fair value for property, plant, and equipment.

Respuesta :

Answer: d) Under IFRS, there are the same number of financial statement elements as in GAAP.

Explanation:

There are adjustments required to move from previous GAAP to IFRSs at the time of first-time adoption.

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