An Important Fact to Remember When Studying GAAP and IFRS

Multiple Choice

An important fact to remember when studying GAAP and IFRS is:

A) if the U.S. adopts IFRS, the accounting information being taught currently will all be outdated.
B) there is no difference in way information is arranged on the balance sheet and income statement if IFRS is adopted.
C) newly issued U.S. accounting standards have conformed U.S. practices to IFRS.
D) there is no terminology difference between GAAP and IFRS.