Which of the Following Is True About Accounting for Fixed

question 69

Multiple Choice

Which of the following is true about accounting for fixed assets?

• A)Depreciation expense under IFRS will likely be higher than under GAAP,because acquisitions of assets with multiple components must be separately depreciated under IFRS,whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components.
• B)IFRS doesn't allow capitalization of any asset that separately accounts for less than 20% of total assets.
• C)Depreciation expense under IFRS will likely be less than under GAAP,because standards for depreciable lives on asset classes are much longer than under GAAP.
• D)IFRS and GAAP account for fixed assets in much the same way.

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