U.S.GAAP and IFRS Identify the Same Three Period-Of-Time Elements

question 77

True/False

U.S.GAAP and IFRS identify the same three period-of-time elements.

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Definitions:

Maintenance

The routine activities required to keep a machine, system, or facility operating efficiently and to prevent any unexpected failures.

Reliability

The likelihood that a system or component will perform its required functions for a specified period under stated conditions.

Components

Individual parts or elements that combine or work together within a larger product, system, or mechanism.

Series

A sequence of numbers, objects, or events arranged in a specific order and often following a specific rule.