Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct?
A) The presentation formats required by IFRS and U.S. GAAP for the balance sheet are similar.
B) One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first.
C) Both IFRS and U.S. GAAP require that property, plant and equipment be reported at historical cost on the balance sheet.
D) Both IFRS and U.S. GAAP require that comparative information be reported.

Question

Quizplus · Accepted Answer

IFRS allows for property, plant, and equipment to be reported either at historical cost or revalued amount, whereas U.S. GAAP requires reporting at historical cost, making statement C incorrect.

Which of the Following Statements About IFRS and U