Multiple Choice
Which of the following statements is FALSE?
A) Not-for-profit organizations may follow IFRS (Part I) or Part III of the CICA handbook.
B) All not-for-profit organizations should apply similar accounting treatments to like transactions when the needs of the users in the private and public sector are aligned.
C) Not-for-profit revenue recognition criteria mirror those of profit-oriented entities except for contributions.
D) A not-for-profit organization may not disaggregate its financial statements into funds based on legal, contractual or voluntary actions of the entity.
Correct Answer:
Verified
Correct Answer:
Verified
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