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.

---

Definitions:

E.T. Hall

An American anthropologist recognized for his groundbreaking work on the understanding of nonverbal communication and cultural interactions.

Personal Space

The physical space immediately surrounding an individual, which they consider their own and expect others to respect as a boundary.

Role Conflict

Occurs when there are incompatible demands placed on an individual by two or more statuses held at the same time, leading to stress and difficulty in fulfilling the responsibilities of each role.

Full-time Employee

An individual who works a standard work schedule, typically 35-40 hours per week, for an employer and receives full employment benefits.