Which of the Following Is Not a Difference Between IFRS

question 125

Multiple Choice

Which of the following is not a difference between IFRS and U.S. GAAP in accounting for non-current liabilities?

• A) Non-current liabilities follow current liabilities on the statement of financial position under U.S. GAAP, but precede current liabilities under IFRS.
• B) The criteria for recognizing environmental liabilities is more stringent under U.S. GAAP compared to IFRS.
• C) Bond issuance cost are recorded as a reduction of the carrying value of the debt under U.S. GAAP but are recorded as an asset and amortized to expense over the term of the debt under IFRS.
• D) Under U.S. GAAP, bonds payable is recorded at the face amount and any premium or discount is recorded in a separate account. Under IFRS, bonds payable is recorded at the carrying value so no separate premium or discount accounts are used.

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Definitions:

Cardiac Catheterization

A medical procedure used to diagnose and treat cardiovascular conditions by inserting a long, thin tube into a blood vessel and guiding it to the heart.

Religious Group

A Religious Group is an organization or community of people that share common religious beliefs, practices, and rituals.

Hgb

Hemoglobin; a protein in red blood cells responsible for carrying oxygen from the lungs to the body's tissues and returning carbon dioxide from the tissues back to the lungs.

Religious Objection

An exemption or refusal based on personal religious beliefs, often applied in contexts like vaccinations, military service, or medical treatments.