Which of the following is not a similarity of GAAP and IFRS?
A)They both generally require that an exchange take place before a transaction is recorded.
B)They both promote information that is relevant and that faithfully represents the underlying transactions.
C)They both include rules regarding recognition,classification,and measurement of transactions.
D)They both allow fixed assets to be reported at fair values.

Question

Quizplus · Accepted Answer

GAAP requires fixed assets to be reported at historical cost, while IFRS allows for the option to report them at fair value. Therefore, the allowance of reporting fixed assets at fair value is not a similarity between GAAP and IFRS.

Which of the Following Is Not a Similarity of GAAP