Unformatted text preview: short-term convergence project? a. Following the IASB format for presentation of a statement of comprehensive income b. Retrospective application of the new accounting principle when a change in accounting principle occurs c. Using the cost recovery method when the percentage of completion method is not appropriate for long-term construction contracts d. Eliminating LIFO as an acceptable inventory cost flow method. Solution: Correct option is (A) Following the IASB format for presentation of a statement of comprehensive income 3. Which of the following IASB standards is a result of the FASB-IASB short-term convergence project? a. IFRS 1, “First time adoption of IFRS” b. IFRS 2. “ share based payment” c. IFRS 3, “business combination” d. IFRS 4, “operating segments” Solution: Correct option is (b) IFRS 2-Share based Payment...
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- Fall '11