Similarities Between International Financial Reporting Standards (IFRS) and U

question 300

Multiple Choice

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except

• A) Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.
• B) Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.
• C) Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.
• D) The form and content of financial statements are very similar under IFRS and U.S. GAAP.

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Definitions:

Maladaptive

Behavior or thought patterns that are counterproductive to an individual's wellbeing or ability to meet their needs.

Inappropriateness

Behavior or actions that are not suitable or proper in a certain context or situation.

Diagnosis

The identification of the nature and cause of an illness or problem through examination of symptoms and tests.

Psychological Disorder

A mental condition characterized by significant dysfunction in an individual's cognitions, emotions, or behaviors that reflects a disturbance in psychological, biological, or developmental processes.