Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 5

Which of the following describes an IASB requirement that the FASB has adopted as part of the short-term convergence project
a.Following the IASB format for presentation of a statement of comprehensive income.
b.Retrospective application of the new accounting principle when a change in accounting principle occurs.
c.Using the cost recovery method when the percentage of completion method is not appropriate for long-term construction contracts.
d.Eliminating LIFO as an acceptable inventory cost flow method.