What Is One Major Difference Between IFRS and U

question 30

Multiple Choice

What is one major difference between IFRS and U.S.GAAP relative to discontinued operations?

• A)U.S.GAAP requires that the after-tax gain or loss from operations and the after-tax gain or loss on asset disposal be shown as a combined item.
• B)U.S.GAAP requires both pre-tax and after-tax profit and loss on discontinued operations to be reported on the income statement.
• C)The definition of the type of operation that can be classified as discontinued is narrower under U.S.GAAP.
• D)IFRS requires no separate disclosure for discontinued operations.

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Definitions:

Turin

A city in northern Italy known for its rich history, architecture, and as the home of the Turin Shroud, said to be the burial cloth of Jesus.

Imitation

The act of copying the style, behavior, or look of something else, often in order to learn from it or as a form of homage.

Caravaggio

An influential Italian painter of the late 16th and early 17th centuries known for his dramatic use of lighting and realism.

Antiquity

A term referring to the ancient past, specifically the period before the Middle Ages, encompassing ancient Greek and Roman civilizations.