Question

Which of the following would NOT be true regarding financial statements prepared using IFRS versus U.S.GAAP?

A. The order of total liabilities and total stockholders' equity differs.
B.The order of current and noncurrent assets differs.
C.The financial statements have different titles.
D.Within the current classification, there is no difference between the order in the presentation using IFRS versus U.S. GAAP.

Answer 1

The order of presentation differs for total liabilities and total stockholders' equity as well as current and noncurrent assets. However, within the current classification, there is no difference in the order of presentation using IFRS versus U.S. GAAP.

Step-by-step explanation:

The correct answer is C. Within the current classification, there is no difference between the order in the presentation using IFRS versus U.S. GAAP.

Under IFRS and U.S. GAAP, the order of total liabilities and total stockholders' equity differs (option A) and the order of current and noncurrent assets differs (option B). However, within the current classification, there is no difference in the order of presentation using IFRS versus U.S. GAAP (option D).