One Significant Difference Between a Balance Sheet Prepared Using IFRS

question 47

True/False

One significant difference between a balance sheet prepared using IFRS rather than U.S. GAAP is that long-term tangible assets may be reported at fair value rather than historical cost.

---

Definitions:

Manager Compensation

entails the payment and benefits received by a manager, including salary, bonuses, and incentives.

Quants

Professionals who specialize in quantitative analysis, often employed in finance to manage and model financial risks.

Cost Centers

Units or divisions within a business to which costs can be allocated for accounting and management purposes.

Divisional Manager

A divisional manager oversees a specific section or division within a larger organization, responsible for its performance, strategy, and management.