If a Country Uses a Disclosed Basis of Accounting for Private

Multiple Choice

If a country uses a disclosed basis of accounting for private companies, which of the following statements is true?

A) Private companies can create their own GAAP as long as it is disclosed and the spirit of the country's GAAP standards has been followed.
B) Private companies can pick and choose which aspects of GAAP to follow.
C) Private companies must report using fair value.
D) Private companies must report using both historical and fair value.