What Is True About Both IFRS and U

question 45

Multiple Choice

What is true about both IFRS and U.S.GAAP with respect to service contracts?

• A)IFRS and U.S.GAAP both allow the use of the percentage-of-completion method.
• B)Neither IFRS, nor U.S.GAAP allows the use of the percentage-of-completion method.
• C)IFRS allows the use of the percentage-of-completion method while U.S.GAAP does not.
• D)U.S.GAAP allows the use of the percentage-of-completion method while IFRS does not.

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Definitions:

December 31

The last day of the year, commonly used as the end date for annual financial statements and reports.

Cash Equivalents

Brief-duration investments that can be easily converted into specific cash amounts and are highly liquid.

Human Error

Mistakes made by people, often attributed to factors such as misjudgment, confusion, or oversight.

Human Fraud

Intentional trickery by members of an organization aimed at obtaining an unethical or illegal advantage.