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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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Which of the following is true?

a. IFRS allow property, plant, and equipment to be revalued upward if fair value is higher than historian I cost

b. IFRS contain more extensive guidance on revenue recognition than U.S. GAAP.

c. IFRS have a much more broad definition of cash than U.S. GAAP

d. The accounting for research and development costs is identical under IFRS and US, GAAP.

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.

Explanation

Explanation for correct answer:

IFRS contain more extensive guidance on revenue recognition than US GAAP. Hence correct option is b.

Explanation for incorrect answers:

a. IFRS do not allow upward valuation of property plant and equipment...

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