Which of the Following Is a Difference That Exists Between

question 33

Multiple Choice

Which of the following is a difference that exists between IFRS 8 and U.S.GAAP?

• A)There are no differences as the two pronouncements represent total convergence in segment reporting.
• B)U.S.GAAP says that segment assets must be 5% or greater of the total combined assets to be separately disclosed.
• C)U.S.GAAP does not require reporting of segment liabilities.
• D)U.S.GAAP explicitly includes intangibles in the definition of long-lived assets for geographic disclosures.

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Definitions:

Subsidiary Ledger

A ledger containing detailed information for accounts in the general ledger, such as customers or inventory, facilitating more detailed tracking and management.

Accounts Receivable

Money owed to a company by its customers for goods or services delivered or used but not yet paid for.

Worksheet

An informal accounting document used inside an organization, facilitating the preparation of financial statements and supporting the adjustment process at the end of an accounting period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income.