Similarities Between International Financial Reporting Standards (IFRS) and U

question 190

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 item such as land and building 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.

---

Definitions:

Human Rights Codes

Legal frameworks designed to protect individuals from discrimination and ensure equal rights and opportunities for all, regardless of race, gender, disability, or other protected characteristics.

Canadian Human Rights Commission (CHRC)

A government agency responsible for protecting the human rights of individuals in Canada.

Fact Finding

The process of gathering relevant information and evidence to ascertain truths or facts.

Obstructing An Investigation

Intentionally hindering the progress of an official examination or inquiry.