Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except
A) Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.
B) Both IFRS and U.S. GAAP allow revaluation of item such as land and building to fair value.
C) Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.
D) The form and content of financial statements are very similar under IFRS and U.S. GAAP.

Question

Quizplus · Accepted Answer

IFRS allows revaluation of items such as land and buildings to fair value, whereas U.S. GAAP generally does not permit revaluation of fixed assets to fair value.

Similarities Between International Financial Reporting Standards (IFRS) and U