Which of the Following Statements Concerning IFRS and U

question 92

Multiple Choice

Which of the following statements concerning IFRS and U.S. GAAP is true?

• A)IFRS permits revaluation of all intangible assets, whereas U.S.GAAP prohibits revaluation of intangible assets.
• B)Gains on exchange of assets when the exchange has commercial substance are recognized under both IFRS and U.S.GAAP.
• C)Changes in depreciation method under IFRS are reported in current and future periods, under U.S.GAAP such changes are treated as prior period adjustments.
• D)All of the choices are true regarding IFRS and U.S.GAAP.

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