An Important Fact to Remember When Studying GAAP and IFRS

question 148

Multiple Choice

An important fact to remember when studying GAAP and IFRS is:

• A) if the U.S. adopts IFRS, the accounting information being taught currently will all be outdated.
• B) there is no difference in way information is arranged on the balance sheet and income statement if IFRS is adopted.
• C) newly issued U.S. accounting standards have conformed U.S. practices to IFRS.
• D) there is no terminology difference between GAAP and IFRS.

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Definitions:

Pension Plans

Financial arrangements designed to provide individuals with an income during retirement, funded by either the employer, the employee, or both.

Income Tax Purposes

The specific calculations and methods used to determine taxable income and tax liabilities according to the regulations set by tax authorities.

Pension Plan

A pension scheme in which an employer is obliged to contribute to a fund allocated for an employee's future benefit.

Plan Contribution

Money added to a retirement or pension plan, either by individuals or employers, to save for the future.