All of the following statements regarding accounting treatments for liabilities under U.S. GAAP and IFRS are true except:
A. Both U.S. GAAP and IFRS require companies to distinguish between operating leases and finance leases.
B. Accounting for bonds and notes under U.S. GAAP and IFRS is similar.
C. Use of the fair value option to account for bonds and notes is not acceptable under U.S. GAAP or IFRS.
D. Both U.S. GAAP and IFRS require companies to record costs of retirement benefits as employees work and earn them.
E. The criteria for identifying a lease as a finance lease are more general under IFRS.
Answer: C
You might also like to view...
Interest revenue on bonds is reported
a. as an addition to the Investment in Bonds account b. as part of comprehensive income but not as part of net income c. as part of other income d. as part of operating income
In terms of analyzing advertising or IMC campaigns, which would be an example of measuring affective responses?
A) sales and redemption rates B) product specific awareness C) awareness of the overall company D) liking the company
To maintain a class action lawsuit, a class must be ________ by the appropriate federal or state court.
A. sealed B. patented C. certified D. sequestered
Information search involves generating a list of alternative goods and services and _____
a. determining perceived risk levels b. judging impulse goods c. determining the characteristics of each alternative d. evaluating stimuli