Unformatted text preview: corrections. Level of Learning: Medium 90. Which of the accounting changes listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards? A. Change in reporting entity. B. Change to the LIFO method from the FIFO method. C. Change in accounting estimate. D. Change in depreciation methods. LIFO is not a permissible method for accounting for inventory under IFRS. AACSB: Reflective thinking, Diversity Bloom's: Knowledge Learning Objective: 20-07 Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error corrections. Level of Learning: Medium Essay Questions...
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- Spring '10
- Accounting, International Financial Reporting Standards, AACSB, FIFO and LIFO accounting, International Financial Reporting, U.S. GAAP