Although IFRS contain the same basic guidelines for accounting for cash and receivables as U.S. GAAP, some differences exist. Which of the following accounting treatments differs under IFRS versus GAAP?

Question

Quizplus · Accepted Answer

Under IFRS, some receivables may be classified as "available for sale" and reported at fair value through profit or loss, while GAAP does not have a similar classification. The other options (A, C, and D) have similar accounting treatment under both IFRS and GAAP.

Although IFRS Contain the Same Basic Guidelines for Accounting for Cash