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:

Suppository

A form of medication designed to be inserted into the rectum, vagina, or urethra, where it dissolves.

Ointment

A semi-solid preparation usually applied to the skin for a therapeutic purpose or as a protective barrier.

Enema

A medical procedure involving the injection of liquid into the rectum to encourage bowel movement or administer medication.

Narcotic

A class of drugs that reduce pain, alter mood and behavior, and usually have the potential for dependence and abuse.