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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.

BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter A1, Problem 7MCQ
Textbook Problem

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.

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