Question

Which of the following statements regarding IFRS is incorrect? A) All companies listed on the London Stock Exchange must use IFRS. B) The SEC-required Form 20-F must be filed with the SEC by foreign issuers within 30 days. C) The European Commission must "endorse" IFRS for required use by EU companies. D) The SEC has expressed concern that transitioning to IFRS might be prohibitively expensive and might lessen U.S. influence over standard setting.

Answer 1

The incorrect statement is that Form 20-F must be filed with the SEC by foreign issuers within 30 days; the correct timeframe is four months after the fiscal year-end.

Step-by-step explanation:

The incorrect statement regarding IFRS (International Financial Reporting Standards) among the given options is B) The SEC-required Form 20-F must be filed with the SEC by foreign issuers within 30 days. The correct requirement for Form 20-F is that foreign issuers must file it within four months of their fiscal year-end, not within 30 days.

The other statements are correct in that A) All companies listed on the London Stock Exchange must use IFRS, C) The European Commission must "endorse" IFRS for required use by EU companies, and D) The SEC has expressed concern that transitioning to IFRS might be prohibitively expensive and might lessen U.S. influence over the standard setting.