Which of the following statements is false?

Question

(a) The monetary unit assumption is used under IFRS.

(b) Under IFRS, companies may use fair value for property, plant, and equipment.

(c) The FASB and IASB are working on a joint conceptual framework project.

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

Hossam Mohamed · Answer

I think the answer is d. Under IFRS, there are the same number of financial statement elements as in GAAP.

yousef ismael · Answer

(b) Under IFRS, companies may use fair value for property, plant, and equipmen