In Accounting for Noninfluential Securities

Multiple Choice

In accounting for noninfluential securities:

A) The GAAP concept of "trading securities" is commonly referred to as "financial assets at fair value through profit and loss" under IFRS.
B) The IFRS concept of "trading securities" is commonly referred to as "financial assets at fair value through profit and loss" under GAAP.
C) The GAAP concept of "available-for-sale securities" is commonly referred to as "available-for-sale financial assets" under IFRS.
D) The IRFS concept of "available-for-sale securities" translates as "available-for-sale financial assets" under GAAP.
E) Both A and C above are true statements.