A Difference Between the Segment Disclosures Required by IFRS and GAAP

question 10

Multiple Choice

A difference between the segment disclosures required by IFRS and GAAP is that

• A)under GAAP each segment's liabilities must be disclosed under certain circumstances, while under IFRS liabilities by segment need not be disclosed
• B)under IFRS each segment's cash balances must be disclosed under certain circumstances, while under GAAP cash balances by segment need not be disclosed
• C)under IFRS each segment's total assets must be disclosed under certain circumstances, while under GAAP total assets by segment need not be disclosed
• D)under IFRS each segment's liabilities must be disclosed under certain circumstances, while under GAAP liabilities by segment need not be disclosed

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Definitions:

Learning Modalities

Refers to the different ways in which people learn, typically classified as visual, auditory, reading/writing, and kinesthetic.

Laws of Motion

Fundamental principles described by Isaac Newton that explain the relationship between the motion of an object and the forces acting on it.

Velocity

A physical vector quantity that represents the rate of change of position with respect to time, indicating both speed and direction.

Acceleration

The rate at which an object increases its velocity over a period of time.