Which of the following is true?
A) Transaction analysis is completely different under IFRS and GAAP.
B) Most transactions are recorded differently under IFRS and GAAP.
C) Transaction analysis is the same under IFRS and GAAP but some transactions are recorded differently.
D) All transactions are recorded the same under IFRS and GAAP.

Question

Quizplus · Accepted Answer

Transaction analysis is the same under IFRS and GAAP, but some transactions may be recorded differently due to the differences in the accounting standards. For example, under IFRS, certain leases may be classified as operating leases while under GAAP they may be classified as capital leases, which would result in different accounting treatments.

Which of the Following Is True