Which of the Following Is a Way That IFRS Disclosure

question 83

Multiple Choice

Which of the following is a way that IFRS disclosure requirements of property, plant, and equipment differ from U.S. GAAP disclosure requirements?

• A) Companies disclose the accumulated depreciation at the end of the fiscal year by major class or in total.
• B) Companies provide a general description of the method(s) used in computing depreciation with respect to major classes of depreciable assets.
• C) Companies provide a reconciliation of the carrying values at the beginning of the year to the end of the year.
• D) Companies report the carrying value of property, plant, and equipment in total or by major class of long-term assets on the balance sheet.

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Definitions:

Out-of-round

A condition where a component, such as a rotor or drum, is not perfectly circular, leading to uneven wear or vibration.

Nonfloating Drum

A type of drum in machinery or equipment that is fixed in place and does not move or float axially under operation.

Wheel Bearing

Any of several types of bearings that reduce friction at the interface of the axle and the hub.

Rear Axle

The axle located at the rear of a vehicle, transmitting power from the drivetrain to the rear wheels.