Which of the following statements is false?

(a) IFRS is based on a conceptual framework that is similar to that used to develop GAAP.

(b) Assets are defined by the IASB as resources controlled by the entity as a result of past events and from which future economic benefits are expected to fl ow to the entity.

(c) Non-U.S. companies that trade shares in U.S. markets must reconcile their accounting with GAAP.

(d) Proprietorships, partnerships, and corporations are also found in countries that use IFRS.