CFA Practice Question

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CFA Practice Question

The European community ______

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?
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