Differences That Currently Exist Between IFRS and U

question 34

Multiple Choice

Differences that currently exist between IFRS and U.S.GAAP with regard to the presentation of information on the income statement include all of the following except

• A)different acceptable terminology relating to revenue items
• B)depreciation measures differ when equipment has been revalued
• C)different performance measures such as EBITDA are permitted under IFRS
• D)differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework

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Definitions:

Entrapment Defense

A legal defense claiming the defendant was induced by law enforcement to commit a crime they otherwise would not have committed.

Entrapment

A relatively common defense under which the defendant claims that he would not have committed the crime or broken the law if he had not been induced or tricked into doing so by law enforcement officials.

Insider Trading

The illegal trading of a public company's stock by someone with access to nonpublic, material information about the company.

Tipping

The practice of giving money, beyond the cost of a service, to certain service workers for a job well done.