Which of the Following Statements Concerning IFRS and U

question 17

Multiple Choice

Which of the following statements concerning IFRS and U.S. GAAP is correct?

• A) IFRS permits revaluation of all intangible assets, whereas U.S. GAAP prohibits revaluation of intangible assets.
• B) Gains on exchange of assets when the exchange has commercial substance are recognized under both IFRS and U.S. GAAP.
• C) Changes in depreciation method under IFRS are reported in current and future periods, under U.S. GAAP such changes are treated as prior period adjustments.
• D) All of these answer choices are correct.

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Definitions:

Perceptions

How one understands or interprets the world through their senses and cognitive processes.

Reality

The state of things as they actually exist, as opposed to an idealistic or notional idea of them.

Secondary Socialization

The process of learning the appropriate behaviors, values, and norms of a smaller section within the larger society, typically outside the family, such as schools and workplaces.

Resocialization

Occurs when powerful socializing agents deliberately cause rapid change in a person’s values, roles, and self-conception, sometimes against a person’s will.