Which of the following statements is false? Under IFRS, expenses include losses that are not the result of ordinary activities.Under IFRS, it is mandatory to report property, plant, and equipment at historical cost.The number of financial statement elements in the IFRS conceptual framework are not equal to those in GAAP.The existing conceptual frameworks underlying GAAP and IFRS are very similar. Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the transition date of Icon International?January 1, 2019January 1, 2021December 31, 2021December 31, 2019 Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the reporting date of Icon International?January 1, 2019January 1, 2021December 31, 2021December 31, 2019 Which of the following is a reason for recasting prior financial statements based on IFRS?To increase the market value of a company’s sharesTo report a high income for attracting investorsTo report a low taxable income reducing the tax liabilityTo provide financial statement users with comparable information

IFRS are an accounting framework and standards issued by the IFRS Foundation and the International…

Answered: Which of the following statements is…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following statements is false?

Under IFRS, expenses include losses that are not the result of ordinary activities.
Under IFRS, it is mandatory to report property, plant, and equipment at historical cost.
The number of financial statement elements in the IFRS conceptual framework are not equal to those in GAAP.
The existing conceptual frameworks underlying GAAP and IFRS are very similar.

Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the transition date of Icon International?
January 1, 2019
January 1, 2021
December 31, 2021
December 31, 2019

Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the reporting date of Icon International?
January 1, 2019
January 1, 2021
December 31, 2021
December 31, 2019

Which of the following is a reason for recasting prior financial statements based on IFRS?
To increase the market value of a company’s shares
To report a high income for attracting investors
To report a low taxable income reducing the tax liability
To provide financial statement users with comparable information

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