In accounting for non-influential securities:
A)The GAAP concept of "trading securities" is commonly referred to as "financial
Assets at fair value through profit and loss" under IFRS
B)The IFRS concept of "trading securities" is commonly referred to as "financial
Assets at fair value through profit and loss" under GAAP
C)The GAAP concept of "available-for-sale securities" is commonly referred to as "available-for-sale financial assets" under IFRS
D)The IRFS concept of "available-for-sale securities" are commonly referred to as "available-for-sale financial assets" under GAAP
E)Both A and C above are true statements

Question

Quizplus · Accepted Answer

Under both GAAP and IFRS, the concept of "trading securities" is commonly referred to as "financial assets at fair value through profit and loss." Additionally, the GAAP concept of "available-for-sale securities" is commonly referred to as "available-for-sale financial assets" under IFRS. Therefore, both A and C statements are true.

In Accounting for Non-Influential Securities