Which of the Following Is True Regarding IFRS and GAAP

question 21

Multiple Choice

Which of the following is true regarding IFRS and GAAP?

• A) Due to the broader range of options available under U.S. GAAP compared to IFRS, note disclosures are generally more expansive under U.S. GAAP than under IFRS.
• B) IFRS requires companies to prepare interim reports on a quarterly basis.
• C) IFRS requires segment reporting, and uses the management approach to identify reportable segments.
• D) U.S. GAAP requires companies to disclose transactions with related parties, including the name of the related party and any doubtful amounts related to outstanding balances for the related party.

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Definitions:

Supreme Court of Canada

The highest court in Canada, which serves as the final appellate court and decides on issues of national importance.

Land Transaction

An agreement or activity involving the legal transfer of ownership or rights of use in land from one party to another.

Superior Trial Court

A high-level court in some jurisdictions where significant civil and criminal cases are decided.

Family Court

A court of law that deals with legal issues related to family matters, such as divorce and child custody.