Differences that currently exist between IFRS and U.S.GAAP with regard to the presentation of information on the income statement include all of the following except
A)different acceptable terminology relating to revenue items
B)depreciation measures differ when equipment has been revalued
C)different performance measures such as EBITDA are permitted under IFRS
D)differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework

Question

Quizplus · Accepted Answer

Option A is true as IFRS and U.S.GAAP may use different terminology to describe revenue items. Option B is true because depreciation measures differ when equipment has been revalued. Option C is true because IFRS allows for the use of alternative performance measures such as EBITDA. Option D is false because accrual accounting is a fundamental principle of both IFRS and U.S.GAAP.

Differences That Currently Exist Between IFRS and U