Significant Differences Between IFRS and Chinese GAAP Include All of the Following

question 27

Multiple Choice

Significant differences between IFRS and Chinese GAAP include all of the following except:

• A)Chinese GAAP allows the use of LIFO while IFRS prohibits it.
• B)Chinese GAAP has different related party disclosure requirements.
• C)Chinese GAAP follows the cost principle while IFRS allows for revaluations and recoveries of impairment losses.
• D)Chinese GAAP uses the equity method of accounting for jointly controlled entities while IFRS also allows proportionate consolidation.

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Definitions:

Property Crime

Crimes involving the theft of property without direct harm to the victim, such as burglary, larceny, theft, motor vehicle theft, and arson.

Code Of Conduct

A set of rules outlining the responsibilities, ethical standards, or norms for behavior within an organization or group.

Loyalty

A strong feeling of support or allegiance to someone or something.

Car Jacking

The act of forcefully stealing a car from its owner, typically involving threats or physical violence.