All of the following statements related to U.S.GAAP and IFRS are true except:
A)Accounting for basic inventory transactions is the same under the two systems.
B)The closing process for merchandisers is the same under both systems.
C)U.S.GAAP offers little guidance about the presentation order of expenses.
D)Neither system requires separate disclosure of items when their size, nature, or frequency are important for proper interpretation.
E)Neither system defines operating income.

Question

Quizplus · Accepted Answer

Both U.S.GAAP and IFRS require separate disclosure of items when their size, nature, or frequency are important for proper interpretation. Therefore, the statement in option D is false.

All of the Following Statements Related to U