Which of the following statements regarding reporting under GAAP and IFRS is not true:
A) The definition of a liability under GAAP and IFRS involves three basic criteria.
B) After acquisition, one of two asset measurement systems is applied.
C) The definition of an asset under GAAP and IFRS involves three basic criteria.
D) Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets.
E) Both GAAP and IFRS define the initial asset value as replacement value.

Question

Quizplus · Accepted Answer

Both GAAP and IFRS do not define the initial asset value as replacement value. They define the initial asset value as historical cost for nearly all assets.

Which of the Following Statements Regarding Reporting Under GAAP and IFRS