- CFA Exams
- CFA Exam: Level I 2021
- Study Session 6. Financial Reporting and Analysis (1)
- Reading 20. Financial Reporting Standards
- Subject 4. General Requirements for Financial Statements
CFA Practice Question
The European community ______
B. agreed to require international accounting standards beginning in 2005.
C. Neither of these statements is true.
A. presently uses U.S. GAAP.
B. agreed to require international accounting standards beginning in 2005.
C. Neither of these statements is true.
Correct Answer: B
User Contributed Comments 3
| User | Comment |
|---|---|
| johntan1979 | Now we have to remember historical dates as well? I didn't remember signing up for a history exam :( |
| HolzGe1 | B is only partly correct. IFRS is mandatory for publicly listed companies only. Private companies may continue using local GAAP in some countries in the EU. |
| forry9er | The European "community" - Can't they just say EU to make it less ambiguous? |