Which of the following is in accordance with IFRS?
A) Accrual basis accounting
B) Cash basis accounting
C) Both accrual basis and cash basis accounting
D) Neither accrual basis nor cash basis accounting

Question

Quizplus · Accepted Answer

IFRS requires companies to use accrual basis accounting, which means that transactions are recorded when they occur, not when cash is exchanged. This provides a more accurate representation of a company's financial position and performance. Cash basis accounting, on the other hand, records transactions only when cash is exchanged, and is not considered in accordance with IFRS.

Which of the Following Is in Accordance with IFRS