Significant differences between GAAP and IFRS exist in all of the following areas except:
A)classification of preferred stock.
B)allowability of LIFO for inventory costing.
C)depreciation of equipment.
D)the order in which current and noncurrent accounts are presented on the balance sheet.

Question

Quizplus · Accepted Answer

Both GAAP and IFRS allow for similar methods of depreciation for equipment, such as straight-line and declining balance methods, so there are no significant differences in this area.

Significant Differences Between GAAP and IFRS Exist in All of the Following