Certain Differences Exist Between IFRS and U

question 97

Multiple Choice

Certain differences exist between IFRS and U.S. GAAP financial statement reporting. Which of the following is false?

• A) IFRS presents a different ordering of the liabilities and shareholders' equity sections.
• B) IFRS allows the upward revaluation of property, plant, and equipment.
• C) IFRS does not require a statement of cash flows.
• D) IFRS financial statements are similar to U.S. GAAP.

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Definitions:

Intercept

The value of the dependent variable when all independent variables in a model are set to zero.

Independent Variable

A variable that is manipulated or changed in an experiment to test its effects on a dependent variable.

Dependent Variable

The variable in an experiment that is expected to change in response to changes in the independent variable.

Slope

The measure of the steepness, incline, or grade of a straight line, reflecting the ratio of the vertical change to the horizontal change between two points on the line.