Which of the following statements is false?

(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.

Question added by Deleted user
Date Posted: 2015/08/15

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by Hossam Mohamed , Senior Accountant , Allied Arab Assurance Brokerage

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

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

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