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IFRS Study Test Questions & Answers 2024/2025
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IFRS Study Test Questions & Answers 2024/2025
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IFRS Study Test Questions & Answers2024/2025
What is the 1st alternative for incorporating IFRS into the financial reporting system? - ANSWERSFull
adoption on specified date
What is the 2nd alternative for incorporating IFRS into the financial reporting system? - ANSWERSFull
adoption over time (a few years)
What is the 3rd alternative for incorporating IFRS into the financial reporting system? - ANSWERSAn
option for U.S. issuers to apply IFRS
What is the 4th alternative for incorporating IFRS into the financial reporting system? -
ANSWERSConvergence which is keeping match and local international (no adding)
What is the 5th alternative for incorporating IFRS into the financial reporting system? -
ANSWERSEndorsement which is as IFRS makes rules, adding them to local
What is the 6th alternative/combined alternative? - ANSWERSCondorsement which is keeping local and
adding new
What are the key differences mentioned in class between IFRS and U.S. GAAP? - ANSWERSstatements
are in order of illiquidity, valuations of PP&E, insurance contracts and other similar financial items, and
ADRs
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