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:

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Federal Judiciary

The branch of the United States government responsible for interpreting the law, consisting of the Supreme Court and lower federal courts.

Executive Branch

The branch of government responsible for implementing, supporting, and enforcing the laws made by the legislative branch and interpreted by the judiciary.

Congress

The national legislative body of the United States, consisting of the Senate and the House of Representatives.