Which of the Following Statements Is True Regarding Accounting for Receivables

question 181

Multiple Choice

Which of the following statements is true regarding accounting for receivables under IFRS and U.S.GAAP?

• A)U.S.GAAP has four specifically defined categories for financial assets, which include loans and receivables.
• B)U.S.GAAP accounts for short-term receivables at amortized cost, adjusted for allowances for doubtful accounts, whereas IFRS requires fair value for receivables.
• C)In their current deliberations regarding accounting for financial instruments, it appears that IASB wants amortized costs for receivables, but GAAP is tending toward fair value.
• D)All of the choices are true regarding receivables under IFRS and U.S.GAAP.