Which of the following statements concerning IFRS and U.S. GAAP is true?
A)IFRS permits revaluation of all intangible assets, whereas U.S.GAAP prohibits revaluation of intangible assets.
B)Gains on exchange of assets when the exchange has commercial substance are recognized under both IFRS and U.S.GAAP.
C)Changes in depreciation method under IFRS are reported in current and future periods, under U.S.GAAP such changes are treated as prior period adjustments.
D)All of the choices are true regarding IFRS and U.S.GAAP.

Question

Quizplus · Accepted Answer

Although A, C, and D are partially true statements, they all contain inaccuracies or exceptions. Choice B is the only statement that is completely accurate in that both IFRS and U.S. GAAP recognize gains on exchange of assets when the exchange has commercial substance.

Which of the Following Statements Concerning IFRS and U