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, the accrual basis of accounting is used, meaning events are recorded in the period in which they occur, not when cash is exchanged.