Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Which of the following is a true statement about International Financial Reporting Standards (IFRS)?

IFRS are used by many countries outside the United States as their primary accounting standards.

IFRS are issued by the Financial Accounting Standards Board (FASB).

IFRS prohibit the revaluation of property, plant, and equipment.

IFRS require the use of Last-In, First-Out (LIFO) inventory costing.

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Verified step by step guidance

Step 1: Understand the context of the question. The problem is asking about International Financial Reporting Standards (IFRS), which are global accounting standards used by many countries outside the United States. Familiarize yourself with the key characteristics of IFRS.

Step 2: Analyze the first statement: 'IFRS are used by many countries outside the United States as their primary accounting standards.' This is a true statement because IFRS is widely adopted internationally, unlike the U.S. GAAP, which is primarily used in the United States.

Step 3: Evaluate the second statement: 'IFRS are issued by the Financial Accounting Standards Board (FASB).' This is incorrect because IFRS are issued by the International Accounting Standards Board (IASB), not the FASB.

Step 4: Assess the third statement: 'IFRS prohibit the revaluation of property, plant, and equipment.' This is false because IFRS allows the revaluation of property, plant, and equipment to fair value under certain conditions, unlike U.S. GAAP.

Step 5: Examine the fourth statement: 'IFRS require the use of Last-In, First-Out (LIFO) inventory costing.' This is incorrect because IFRS prohibits the use of LIFO inventory costing, which is allowed under U.S. GAAP.