Question

which of the following are not authoritative pronouncements of international financial reporting standards (ifrss)? 1) international financial reporting standards issued by the iasb 2) international accounting standards issued by the iasc and adopted by the iasb 3) interpretations originated by the international financial reporting interpretations committee (ifric) 4) u.s. generally accepted accounting principles

Answer 1

International Financial Reporting Standards (IFRSs) are not authoritatively proclaimed by International Accounting Principles.

What are IFRS and what are their tenets?

The reporting of specific kinds of transactions and events in financial statements is governed by a set of accounting standards called International Financial Reporting Standards (IFRS). The International Accounting Standards Board created and maintains them (IASB).

Why is it necessary to use International Financial Reporting Standards (IFRS)?

By improving the quality and comparability of financial data on a global scale, IFRS Accounting Standards increase transparency and empower investors as well as other market players to make wise financial decisions.

Why is IFRS based on principles?

The adoption of principles-based accounting is necessary because IFRS is intended for international application. Hard-set norms from one nation may not be accepted in another due to disparities in business practices or legal systems.

Learn more about International Financial Reporting Standards (IFRS): brainly.com/question/16244998

#SPJ4