True$/$False Question

The major financial statements used under International

Financial Reporting Standards $($IFRS$)$ include the statement of

changes in financial position and the statement of stockholders

$\text{'}$ equity.

Investors and creditors are considered the primary user group of

general$-$purpose financial reporting.

The standard$-$setting structure includes a Monitoring Board whose

purpose is to provide advice and counsel to the IASB on major

policies and technical issues.

The IASB has a regulatory mandate that is enforced by the

European Union member countries.

Interpretations issued by the IFRS Interpretations Committee are

more authoritative than IASB Standards.

Ethical issues in financial accounting can be eliminated by

adhering to IFRS.

IFRS tends to be simpler and more flexible in the accounting and

disclosure requirements than U$.$S$.$ GAAP.