Which of the Following Is Not a Similar Requirement of Financial

question 22

Multiple Choice

Which of the following is not a similar requirement of financial instruments under both IFRS and U.S.GAAP?

• A)Financial assets held for trading at fair value with changes in profit but not loss on the income statement
• B)Held to maturity investments at amortized cost to the income statement
• C)Available for sale investments at fair value with changes in other comprehensive income
• D)Receivables and loans at amortized cost to the income statement

---

Definitions:

Categorical

A characteristic or description that involves clearly defined divisions or categories, often used in classification and sorting.

Federal Mandates

Directives issued by the federal government requiring states or municipalities to comply with certain regulations or perform specific actions, often tied to federal funding.

Supreme Court

The supreme judicial authority in the United States, comprised of nine justices, and possesses overarching legal power over every other court in the country.

State Laws

Statutes and regulations that are established and enforced by individual U.S. states and apply within their specific territorial boundaries.