Some say that IFRS are now GAAP in the European Union. How is this statement true, and

Question:

Some say that IFRS are now in the European Union. How is this statement true, and how is it false?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...