IFRS does not prescribe a specific format for the balance sheet, but companies that follow IFRS may choose to present it differently from U.S. GAAP. Therefore, option D is the correct answer.

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IFRS

Question 169

Multiple Choice

IFRS

A) requires a specific format for the balance sheet (statement of financial position) that is identical to U.S.GAAP.
B) requires a specific format for the balance sheet (statement of financial position) that is different from U.S.GAAP.
C) requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S.GAAP.
D) requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S.GAAP.
IFRS.

Correct Answer: