What is one major difference between IFRS and U.S.GAAP relative to correction of errors?
A)U.S.GAAP is silent as to how to treat errors that have been discovered.
B)IFRS is silent as to how to treat errors that have been discovered.
C)Under U.S.GAAP, a prospective approach is taken.
D)Under IFRS, if it's impractical to restate financial statements, then no restatement is necessary.

Question

Quizplus · Accepted Answer

Under IFRS, if it is impractical to restate prior period financial statements for the correction of errors, the adjustments are made in the earliest period practicable, which contrasts with U.S. GAAP that requires restatement of prior periods if errors are discovered.

What Is One Major Difference Between IFRS and U