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Which of the following statements is false?   Under IFRS, expenses include losses that are not the result of ordinary activities. Under IFRS, it is mandatory to report property, plant, and equipment at historical cost. The number of financial statement elements in the IFRS conceptual framework are not equal to those in GAAP. The existing conceptual frameworks underlying GAAP and IFRS are very similar.

Which of the following statements is false?   Under IFRS, expenses include losses that are not the result of ordinary activities. Under IFRS, it is mandatory to report property, plant, and equipment at historical cost. The number of financial statement elements in the IFRS conceptual framework are not equal to those in GAAP. The existing conceptual frameworks underlying GAAP and IFRS are very similar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is false?

 

  1. Under IFRS, expenses include losses that are not the result of ordinary activities.
  2. Under IFRS, it is mandatory to report property, plant, and equipment at historical cost.
  3. The number of financial statement elements in the IFRS conceptual framework are not equal to those in GAAP.
  4. The existing conceptual frameworks underlying GAAP and IFRS are very similar.

 

                 

 

 

  1. Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the transition date of Icon International?
  2. January 1, 2019
  3. January 1, 2021
  4. December 31, 2021
  5. December 31, 2019

 

  1. Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the reporting date of Icon International?
  2. January 1, 2019
  3. January 1, 2021
  4. December 31, 2021
  5. December 31, 2019

 

 

  1. Which of the following is a reason for recasting prior financial statements based on IFRS?
  2. To increase the market value of a company’s shares
  3. To report a high income for attracting investors
  4. To report a low taxable income reducing the tax liability
  5. To provide financial statement users with comparable information
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