Differences between GAAP and IFRS do not include which of the following?
A)The order in which assets are presented on the balance sheet.
B)The system of analyzing,recording,and summarizing transactions.
C)The names given to the income statement,balance sheet,and statement of stockholders' equity.
D)The standard-setting body with authority to establish accounting principles.

Question

Quizplus · Accepted Answer

The system of analyzing, recording, and summarizing transactions is the same under both GAAP and IFRS. The other options are all differences between GAAP and IFRS: A) the order of assets on the balance sheet can differ, C) the names given to the financial statements can differ (for example, the balance sheet is called the statement of financial position under IFRS), and D) the standard-setting bodies for GAAP (Financial Accounting Standards Board) and IFRS (International Accounting Standards Board) are different.

Differences Between GAAP and IFRS Do Not Include Which of the Following