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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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With regard to the presentation of financial information under IFRS, which of the following is true?

a. The terminology on the balance sheet and the income statement is the same under IFRS and U.S. GAAP.

b. Under IFRS. the elements of the balance sheet are often presented in reverse order relative to U.S. GAAP, with noncurrent assets presented before current assets and stockholders’ equity presented before liabilities.

c. Under I FRS. the elements of the income statement are often presented in reverse order, with expenses presented first followed by revenues.

d. IFRS do not require the presentation of a statement of cash flows.

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The true statement about presentation of financial information under IFRS.

Explanation

Explanation for correct answer:

Under IFRS, the elements of balance sheet are often presented in reverse order relative to U.S. GAAP. Hence correct option is b.

Explanation for incorrect answers:

a. The balance sheet and income statement terminology are different under IFRS and U...

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