Which of the following statements about International Financial Reporting Standards (IFRS) is

NOT true?

A) IFRS offers simplicity but also possibly more leeway for accounting malpractice than does
GAAP.
B) In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S.
companies from GAAP to IFRS.
C) IFRS sets out broad and general principles that accountants should follow when preparing
financial statements.
D) IFRS leaves LESS room for discretion than GAAP does.

D