The IFRS element expenses encompasses which U.S. GAAP elements?
A) revenues and expenses
B) losses and expenses
C) gains and expenses
D) expenses only

Name: The IFRS element expenses encompasses which U.S. GAAP elements? A) revenues and expenses B) losses and expenses C) gains and expenses D) expenses only
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Question

Quizplus · Accepted Answer

Under IFRS, the element "expenses" includes both losses and expenses, whereas U.S. GAAP distinguishes between these two elements separately.

The IFRS Element Expenses Encompasses Which U