Question 1

Which of the following is a correct treatment of impaired equity securities?

Accepted Answer

A) Under IFRS,equity security is impaired if the decline in value is significant and prolonged 
B) Under U.S.GAAP,equity security is impaired if the decline in value is significant or prolonged. 
C) All of the above 
D) None of the above 
A) Under IFRS,equity security is impaired if the decline in value is significant and prolonged 
B) Under U.S.GAAP,equity security is impaired if the decline in value is significant or prolonged. 
C) All of the above 
D) None of the above

Question 2

Which of the following is not a similar requirement of financial instruments under both IFRS and U.S.GAAP?

Accepted Answer

A) Financial assets held for trading at fair value with changes in profit but not loss on the income statement 
B) Held to maturity investments at amortized cost to the income statement 
C) Available for sale investments at fair value with changes in other comprehensive income 
D) Receivables and loans at amortized cost to the income statement 
A) Financial assets held for trading at fair value with changes in profit but not loss on the income statement 
B) Held to maturity investments at amortized cost to the income statement 
C) Available for sale investments at fair value with changes in other comprehensive income 
D) Receivables and loans at amortized cost to the income statement

Question 3

Which of the following is not the major difference in accounting for intangible assets under IFRS and U.S.GAAP?

Accepted Answer

A) Under IFRS,intangible assets previously written down may be revalued upward if the annual impairment test indicates an increase in fair value. 
B) Under U.S.GAAP,once written down due to lower impairment,intangible assets can be written up again. 
C) All of the above 
D) None of the above 
A) Under IFRS,intangible assets previously written down may be revalued upward if the annual impairment test indicates an increase in fair value. 
B) Under U.S.GAAP,once written down due to lower impairment,intangible assets can be written up again. 
C) All of the above 
D) None of the above

Question 4

Which of the following regarding financing leases and operating leases under lessors and lessees is not true?

Accepted Answer

A) The lessor model requires that most leases be recognized as financing leases 
B) The lessor model requires a relatively long-term leases-usually those more than one year in duration- would be recorded as an operating lease. 
C) The lessee model uses a "right to use" concept deal with financing leases 
D) The lessee model records operating lease payments as an expense when paid. 
A) The lessor model requires that most leases be recognized as financing leases 
B) The lessor model requires a relatively long-term leases-usually those more than one year in duration- would be recorded as an operating lease. 
C) The lessee model uses a "right to use" concept deal with financing leases 
D) The lessee model records operating lease payments as an expense when paid.

Which of the following is a correct treatment of impaired equity securities?

Which of the following is not a similar requirement of financial instruments under both IFRS and U.S.GAAP?

Which of the following is not the major difference in accounting for intangible assets under IFRS and U.S.GAAP?

Which of the following regarding financing leases and operating leases under lessors and lessees is not true?

Background of IFRS

IFRS Conceptual Framework and Financial Statements

Key Differences Between IFRS and US-Part 1

IFRS for Small-And Medium-Sized Entities

The Current Status and Future of IFRS

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Exam 4: Key Differences Between IFRS and US-part 2

Which of the following is a correct treatment of impaired equity securities?

Which of the following is not a similar requirement of financial instruments under both IFRS and U.S.GAAP?

Which of the following is not the major difference in accounting for intangible assets under IFRS and U.S.GAAP?

Which of the following regarding financing leases and operating leases under lessors and lessees is not true?

Background of IFRS

IFRS Conceptual Framework and Financial Statements

Key Differences Between IFRS and US-Part 1

IFRS for Small-And Medium-Sized Entities

The Current Status and Future of IFRS

Filters