Which of the following is true?
A) Equity is defined under GAAP as the residual interest in the liabilities of the company.
B) IFRS companies have agreed to adopt the Sarbanes-Oxley Act related to internal control in 2015.
C) Transaction analysis is basically the same under GAAP and IFRS.
D) Financial frauds have not occurred in U.S. companies because GAAP has detailed accounting and disclosure requirements.

Question

Quizplus · Accepted Answer

Transaction analysis is fundamentally the same under both GAAP and IFRS, as both frameworks require identifying the economic impact of transactions on the financial statements.

Which of the Following Is True