Which of the Following Statements Is True Regarding International Financial

Multiple Choice

Which of the following statements is true regarding International Financial Reporting Standards (IFRS) and U.S. GAAP?

A) IFRS allows both the perpetual and periodic systems, but U.S GAAP permits only the perpetual system.
B) IFRS requires a single-step income statement, but U.S. GAAP allows either the single-step or the multiple-step income statement.
C) U.S. GAAP allows operating expenses to be reported by either function or nature, IFRS requires reporting by function.
D) IFRS requires 2 years of income statements, U.S. GAAP requires 3 years of income statements.