All of the Following Are Differences Between IFRS and U

question 132

Multiple Choice

All of the following are differences between IFRS and U.S. GAAP in accounting for liabilities except:

• A) When a bond is issued at a discount U.S. GAAP records the discount in a separate contra-liability account. IFRS records the bond net of the discount.
• B) Under IFRS, bond issuance costs reduces the carrying value of the debt. Under U.S. GAAP, these costs are recorded as an asset and amortized to expense over the term of the bond.
• C) U.S. GAAP, but not IFRS uses the term "troubled debt restructurings."
• D) U.S. GAAP, but not IFRS uses the term "provisions" for contingent liabilities which are accrued.

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Definitions:

Traits

Enduring personality characteristics and behaviors that are consistent across different situations and time.

Temperament Traits

Innate, biologically based behavioral and emotional characteristics that are evident from early life.

Ergs

Basic instinctual drives or primary motivational forces in some psychological theories; the term originates from the work of Sigmund Freud.

Personality Traits

Enduring characteristics or qualities that describe an individual's consistent behaviours and attitudes.