How might users of IAS 1 apply the information provided in the presentation of IFRS financial
a. To make economic decisions regarding the companys financial position, financial
performance, and cash flows.
b. To make ec
1. In refinancing a short-term obligation into a long-term obligation, what is the primary difference between US
GAAP and IFRS?
There is no difference because both require the refinancing to be in place before the audited financial
statements are issue
Which of the following is true regarding the lower of cost or net realizable value?
a. IFRS typically results in lower write-downs than US GAAP.
b. Reversals of prior write-downs are allowed using IFRS, but not using US GAAP.
c. Write-ups of inventory
1. Although revaluation of intangible assets is allowed using IFRS, it is uncommon in practice. This is
most likely because:
a. The journal entries are too difficult.
Intangible assets always decrease in value.
It requires comparison to an active ma
Which of the following standards will allow companies to choose between capitalizing and
expensing borrowing costs incurred during the construction of a fixed asset?
a. US GAAP
c. Both US GAAP and IFRS.
d. None of the above.
Which of the fol
The FASBs Concept Statements have a place in the US GAAP accounting hierarchy.
The IASBs Conceptual Framework has a place in the IFRS accounting hierarchy.
When were the latest revisions to the FASBs Concept Stat
How might users of IAS 1 apply the information provided in the presentation of IFRS financial statements?
To make economic decisions regarding the companys financial position, financial performance, and cash
To make economic decisions r
1. What does pure or full IFRS mean?
2. Identify which statement is correct in regard to global consistency of IFRS.
a. For a given set of facts and circumstances, any company in any given country would apply the
same accounting practice.
b. For a given s
All of the following are characteristics of a pure principles-based set of standards except:
The standards have numerous exceptions.
The standards are based on concepts.
There exists a great deal of consistency between standards.