Which of the Following Statements Concerning IFRS and U

question 102

Multiple Choice

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

• 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 the choices are true regarding IFRS and U.S.GAAP.

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Definitions:

Quinces

A fruit similar in appearance to pears and apples, with a bright yellow skin, often used in jellies, jams, and other preserves because of its high pectin content.

Price Ratio

The proportional relationship between the prices of two different goods or services, often used in economic analyses.

Consumption

The use of goods and services by households, encompassing both private consumption and public services provided for individual use.

Overtime

Additional hours worked beyond the standard working hours, often compensated at a higher pay rate.