Certain Differences Exist Between IFRS and U

question 63

Multiple Choice

Certain differences exist between IFRS and U.S.GAAP financial statement reporting.These include that

• A)IFRS presents a different ordering of the liabilities and owners' equity sections
• B)IFRS allows the upward revaluation of property, plant, and equipment
• C)IFRS does not require a statement of cash flows
• D)IFRS permits the presentation of either a classified or nonclassified balance sheet