This quiz, titled 'MCQ on IFRS vs GAAP', tests knowledge on key differences between IFRS and GAAP, focusing on financial reporting standards, impairment rules, cash flow categorization, and asset reporting. It is essential for understanding global accounting practices.
IFRS and US GAAP
IASB and FASB
SEC and FSA
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The recoverable amount
Fair value
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IFRS
US GAAP
Both A and B
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Fair value, but not reported on the income statement until sold
Fair value, and unrealized gains/losses are recognized on the income statement
Fair value, and any unrealized gains/losses are reported as other comprehensive income
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IFRS / US GAAP
US GAAP / IFRS
US GAAP / neither body
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IFRS
US GAAP
Both A and B
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IFRS
US GAAP
Both A and B
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Operating profit / revenue
EBIT / net sales
Both A and B
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Operating only
Financing only
Investing only
Operating or Financing
Operating or Investing
Financing or Investing
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