Which of the Following Statements Is True Concerning How Derecognition

question 103

Multiple Choice

Which of the following statements is true concerning how derecognition of receivables is treated under IFRS and U.S.GAAP?

• A)U.S.GAAP permits partial derecognition; IFRS does not.
• B)The criteria used to derecognize a receivable under IFRS uses a combination of an approach focused on risks and rewards and loss of control.
• C)The criteria used to derecognize a receivable under U.S.GAAP uses risks and rewards as the primary criterion.
• D)All of the choices are true regarding derecognition of receivables under IFRS and U.S.GAAP.

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