All of the Following Are Differences Between IFRS and U

question 53

Multiple Choice

All of the following are differences between IFRS and U.S.GAAP in according 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:

Stress

A state of mental or emotional strain resulting from adverse or demanding circumstances.

Depression

A psychological condition marked by a constant feeling of sadness or a lack of enjoyment in activities, which severely disrupts everyday functioning.

Psychosocial Factor

Aspects of a person's psychological development in, and interaction with, a social environment.

Diabetes Management

The process of monitoring and regulating blood glucose levels through lifestyle choices, medication, and potentially insulin therapy to manage diabetes.