The accounting for bonds payable is
A) not covered by IFRS.
B) the same except that market price may be different because the present value calculations are different between IFRS and GAAP.
C) different in that GAAP requires use of the straight-line method for amortization of bond premium and discount.
D) essentially the same under IFRS and GAAP.

Question

Quizplus · Accepted Answer

The accounting for bonds payable is essentially the same under IFRS and GAAP, with both frameworks allowing for similar methods of amortization and valuation.

The Accounting for Bonds Payable Is