Similarities Between IFRS and U

question 10

Multiple Choice

Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except:

• A) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements.
• B) Both require disclosure of significant accounting policies.
• C) Both require the preparation of financial statements annually.
• D) Both generally require the use of the current/ non-current classification for both assets and liabilities.

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Definitions:

Seismic-reflection Study

A method used in geophysics to explore subsurface structures by sending seismic waves into the earth and analyzing the reflected waves.

Geologic Cross Section

A diagram or representation showing the vertical profile of the Earth's crust to illustrate the positions of rock layers and structures.

Fossil Fuels

Natural fuels formed from the remains of living organisms, such as coal, oil, and natural gas.

Gas Hydrate

An icelike solid mixture of water and a natural gas, usually methane.