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• A) if the U.S. adopts IFRS, the accounting information being taught currently will all be outdated.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.