Under International Financial Reporting Standards (IFRS)
A) the cash-basis method of accounting is accepted.
B) events are recorded in the period in which the event occurs.
C) interim period financial statements are either a calendar year or a fiscal year.
D) a fiscal year is an accounting time period encompassing less than 12 months.

Question

Quizplus · Accepted Answer

Under IFRS, events are recorded in the period in which the event occurs, which is known as accrual accounting. The cash-basis method is not accepted under IFRS. Interim period financial statements can be either a calendar year or a fiscal year, and a fiscal year is an accounting time period encompassing 12 months or more, not less than 12 months.