One Difference Between IFRS and GAAP Is That IFRS Allows

question 32

True/False

One difference between IFRS and GAAP is that IFRS allows companies to measure fixed assets at fair value.

---

Definitions:

Welfare Payments

Government-provided financial assistance to individuals or families in need to support basic living expenses.

Homeless Persons

Individuals who do not have an adequate or permanent place to live, often lacking regular access to safe shelter.

Privatized

The transfer of ownership or control of a business or industry from the government to private individuals or organizations.

Fallacy of Composition

The erroneous belief that what applies to individual members of a group necessarily applies to the group as a whole or vice versa.