Which of the Following Is Not a Similarity of GAAP

Multiple Choice

Which of the following is not a similarity of GAAP and IFRS?

A) They both generally require that an exchange take place before a transaction is recorded.
B) They both promote information that is relevant and that faithfully represents the underlying transactions.
C) They both include rules about recognition,classification,and measurement of transactions.
D) They both allow fixed assets to be reported at fair values.