Which of the Following Is Correct with Respect to Generally

Short Answer

Which of the following is correct with respect to generally accepted accounting principles?
Public and private businesses can no longer use generally accepted accounting principles.
They are used in many foreign countries but not in Canada.
Public companies in Canada have moved away from using generally accepted accounting principles and have adopted adopted International Financial Reporting Standards (IFRS).
Private companies must use the new International Financial Reporting Standards (IFRS).
None of these statements are correct.