Certain Differences Exist Between IFRS and U

question 97

Multiple Choice

Certain differences exist between IFRS and U.S. GAAP financial statement reporting. Which of the following is false?

• A) IFRS presents a different ordering of the liabilities and shareholders' equity sections.
• B) IFRS allows the upward revaluation of property, plant, and equipment.
• C) IFRS does not require a statement of cash flows.
• D) IFRS financial statements are similar to U.S. GAAP.

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