Firms that prepare their financial statements acco
Firms that prepare their financial statements according to International Financial Reporting Standards are least likely to:
A. use LIFO inventory accounting.
B. use proportionate consolidation for a joint venture.
C. recognize unrealized losses from held-for-trading securities in net income.
参考解答
4j8***101
2024-11-08 13:30:40
Ans:A.
The LIFO inventory method is permitted under U.S.GAAP but is not allowed under IFRS.
B is incorrect. Proportionate consolidation of joint ventures is permitted under IFRS but not under U.S.GAAP.
C is incorrect. Unrealized gains and losses from held-for-trading securities are recognized on the income statement under both IFRS and U.S.GAAP.
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