Which of the Following Statements About the GAAP Rules and IFRS

Multiple Choice

Which of the following statements about the GAAP rules and IFRS is true?

A) The last-in, first-out (LIFO) accounting method is allowed by IFRS but banned by GAAP.
B) All companies listed on EU stock exchanges are required to use GAAP, while those listed on the New York stock exchange are required to use IFRS.
C) A US company seeking to raise funds in Germany has to prepare a financial reporting according to GAAP rules only.
D) Adhering to US GAAP rules as well as IFRS creates extra labor and paperwork for multinational firms.
E) China is the only country where accounting rules follow both GAAP and IFRS.