Which of the following statements is false?

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(a) The monetary unit assumption is used under IFRS.

(b) Under IFRS, companies may use fair value for property, plant, and equipment.

(c) The FASB and IASB are working on a joint conceptual framework project.

(d) Under IFRS, there are the same number of financial statement elements as in GAAP.

Question ajoutée par Utilisateur supprimé
Date de publication: 2015/08/15

Apprécier (1) Vues (8) Suiveurs (3) Réponses (2) Report Question

par Hossam Mohamed , Senior Accountant , Allied Arab Assurance Brokerage

I think the answer is d. Under IFRS, there are the same number of financial statement elements as in GAAP.

(b) Under IFRS, companies may use fair value for property, plant, and equipmen

A conceptual framework underlying financial accounting is necessary because future accounting practice problems can
Top Answer: False-------------------------------------------------- Voir Plus

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Cash flow or Fair Value Hedge?
Top Answer: It's a cash flow hedge as they are using forward contract in order to fix the price of the material and ... Voir Plus

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Explain the role of a conceptual framework in the development of financial reporting standards?
Top Answer: Conceptual framework plays an important role in the development of accounting standards. A conceptual fra ... Voir Plus

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Explain whether conceptual frameworks are a necessary component of financial reporting?
Top Answer: Accounting Standards are needed for the following purposes 1. For bringing uniformity in accounting metho ... Voir Plus

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