Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP allow the use of title “balance sheet” or “statement of financial position.” b. One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first. c. Both IFRS and U.S. GAAP require that comparative information be reported. d. Both IFRS and U.S. GAAP require that property, plant and equipment be revalued on the balance sheet.
Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP allow the use of title “balance sheet” or “statement of financial position.” b. One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first. c. Both IFRS and U.S. GAAP require that comparative information be reported. d. Both IFRS and U.S. GAAP require that property, plant and equipment be revalued on the balance sheet.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 11Q
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Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct?
a. Both IFRS and GAAP allow the use of title “balance sheet” or “statement of financial position .”
b. One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first.
c. Both IFRS and U.S. GAAP require that comparative information be reported.
d. Both IFRS and U.S. GAAP require that property, plant and equipment be revalued on the balance sheet.
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