Which of the following statements regarding reporting under GAAP and IFRS is not true:
A. The definition of an asset under GAAP and IFRS involves three basic criteria.
B. After acquisition, one of two asset measurement systems is applied.
C. Both GAAP and IFRS define the initial asset value as replacement value.
D. Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets.
E. The definition of a liability under GAAP and IFRS involves three basic criteria.
Answer: C
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