Chap020 (accounting) 80 - corrections Level of Learning...

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89. Which of the following statements is true regarding correcting errors in previously issued financial statements prepared in accordance with International Financial Reporting Standards? A. The error can be reported in the current period if it's not considered practicable to report it retrospectively. B. The error can be reported in the current period if it's not considered practicable to report it prospectively. C. The error can be reported prospectively if it's not considered practicable to report it retrospectively. D. Retrospective application is required with no exception. 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
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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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