Which of the following is false?a.    GAAP and IFRS have the same absolute standard regarding the reporting of error corrections in previously issued financial statements.b.    The accounting for changes in estimates is similar between GAAP and IFRS.c.    Under IFRS, the impracticability exception applies both to changes in accounting principles and to the correction of errors.d.    GAAP has detailed guidance on the accounting and reporting of indirect effects; IFRS does not.

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Asked Jan 24, 2020
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Which of the following is false?

a.    GAAP and IFRS have the same absolute standard regarding the reporting of error corrections in previously issued financial statements.

b.    The accounting for changes in estimates is similar between GAAP and IFRS.

c.    Under IFRS, the impracticability exception applies both to changes in accounting principles and to the correction of errors.

d.    GAAP has detailed guidance on the accounting and reporting of indirect effects; IFRS does not.

 

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Expert Answer

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International Financial Reporting Standard (IFRS): An international standard for identifying, analyzing and recording the transactions related to money or money's worth for a considered period are compiled under the head International Financial Reporting Standard (IFRS). It gives a detailed instruction on the procedure of recording the business transactions.

Generally Accepted Accountin...

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