Which of the Following Statements Is True Concerning How Derecognition

question 159

Multiple Choice

Which of the following statements is true concerning how derecognition of receivables is treated under IFRS and U.S. GAAP?

• A) U.S. GAAP permits partial derecognition; IFRS does not.
• B) The criteria used to derecognize a receivable under IFRS uses a combination of an approach focused on risks and rewards and loss of control.
• C) The criteria used to derecognize a receivable under U.S. GAAP uses risks and rewards as the primary criterion.
• D) All of these answer choices are correct.

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Definitions:

Protective Mechanisms

Biological or behavioral adaptations that help organisms survive by defending against threats or reducing harm.

Comatose Patient

An individual in a state of deep unconsciousness for a prolonged period, unable to be awakened, typically due to illness or injury.

Lubrication

The process or technique of reducing friction between surfaces in contact by introducing a lubricant, such as oil or grease.

Contact Lenses

Corrective, therapeutic, or cosmetic lenses placed on the cornea of the eye to correct vision or for aesthetic purposes.