In Both US

question 88

True/False

In both U.S.GAAP and IFRS, hedge accounting is elective; firms need not designate any derivatives as accounting hedges, regardless of the degree to which the derivatives mitigate the volatility of outcomes of other arrangements.

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Definitions:

Neglect

The failure to provide necessary care, assistance, or attention, leading to potential harm or deprivation in individuals dependent on such care.

First-borns

Individuals who are the first child born into their family, often attributed with certain personality traits or roles within the family.

Power and Authority

Refers to the right and capacity of a group or person to enforce decisions and command obedience.

Achievement

The process of achieving a goal or the accomplishment of an aim or purpose, reflecting an individual's success in reaching specific objectives.