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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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This note was uploaded on 02/21/2012 for the course ACT 492 taught by Professor Ngo during the Fall '11 term at Colorado.
- Fall '11