Which of the Following Statements About the Use of GAAP

Multiple Choice

Which of the following statements about the use of GAAP for private companies is true?

A) Private companies must use IFRS.
B) Private companies must use Accounting Standards for Private Enterprises.
C) Private companies may use either full IFRS or Accounting Standards for Private Enterprises.
D) Private companies may use either modified IFRS or Accounting Standards for Private Enterprises.