Certain Differences Exist Between IFRS and U

Multiple Choice

Certain differences exist between IFRS and U.S. GAAP financial statement reporting. Which of the following is false?

A) IFRS presents a different ordering of the liabilities and shareholders' equity sections.
B) IFRS allows the upward revaluation of property, plant, and equipment.
C) IFRS does not require a statement of cash flows.
D) IFRS financial statements are similar to U.S. GAAP.