IFRS
A) requires a specific format for the balance sheet (statement of financial position) that is identical to U.S.GAAP.
B) requires a specific format for the balance sheet (statement of financial position) that is different from U.S.GAAP.
C) requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S.GAAP.
D) requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S.GAAP.
Correct Answer:
Verified
Q160: The following items are taken from the
Q161: Under IFRS
A)comparative prior-period information must be presented,
Q162: The use of fair value to report
Q163: IFRS requires the use of
A)the term balance
Q164: Under IFRS
A)companies can apply fair value to
Q165: Most companies that follow IFRS present balance
Q166: Both IFRS and GAAP require disclosure about
A)accounting
Q167: The subtotal net assets is used in
A)both
Q168: The IASB and FASB are working on
Q169: The classified balance sheet is
A)required under GAAP
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