Which of the accounting changes listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards (IFRS)?

Question

Quizplus · Accepted Answer

The change from FIFO to LIFO is a commonly used method in U.S. GAAP but is not allowed under IFRS. Changes in estimated useful life of depreciable assets, depreciation method, and reporting entity are all allowed under both U.S. GAAP and IFRS.

Which of the Accounting Changes Listed Below Is More Associated