Which of the Following Statements Concerning IFRS and U

question 17

Multiple Choice

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

• 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 these answer choices are correct.

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Definitions:

Enema

A procedure involving the introduction of liquid into the rectum and colon to stimulate bowel movement or for diagnostic purposes.

Discontinue

To stop doing or using something, either temporarily or permanently.

Milliliter

A unit of volume in the metric system equal to one-thousandth of a liter, commonly used to measure liquids in medicine and cooking.

QAM

An abbreviation often used in medical prescriptions that stands for "quaque ante meridiem," meaning every morning.