Question 8 Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP

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 Question 8

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

 

Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.

 

The form and content of financial statements are very similar under IFRS and U.S. GAAP.

 

Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.

 

Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.

 

 

 

 
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