Which of the Following Statements Concerning IFRS and U

question 312

Multiple Choice

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

• 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:

Emitted Behavior

Behavior that is performed as a response to a specific stimulus or environment, often spontaneous or voluntary.

Social Learning Theorists

Researchers who emphasize the role of observation, imitation, and modeling in acquiring new behaviors.

Generalization

The process of applying information or conclusions from specific instances to broader contexts or situations.

Discrimination

In psychology, the ability to perceive and respond differently to various stimuli.