11 O out uestion Which of the following statement is true about the lease accounting of IFRS and U.S. GAAP? a. IFRS recognize both finance lease and operating lease* b. IFRS only recognize finance lease, not operating lease C. IFRS only recognize operating lease, not finance lease d. US GAAP only recognize operating lease, not finance lease n4 saved out of question Under IAS 37, which of the following statement is true about how are contingent liabilities treated in the financial statements? a. They are recorded as current liabilities if the amount is reasonably measured. b. They are disclosed in the notes to the financial statements when there is more than a remote possibility of an outflow of resources. O c. IAS 37 does not address contingent liabilities or related concepts. d. They are not disclosed. Clear my choice on 7 ect 0.00 out D g question What is correct about interim financial reporting under IFRS? a. IFRS has no requirement for firms to do interim financial reporting b. Shown at lower of: carrying value or fair value less cost to sell c. IFRS prohibit firms to file interim financial reports d. IFRS requires firms to file quarterly interim financial reports O OO = 8 10 out question What is true about Reveneu recognition under IFRS and U.S. GAAP? a. This is an example of widening-gap between U.S. GAAP and IFRS. X b. Under U.S. GAAP, revenue is defined in terms of cash, whereas IAS 18 defines revenue in terms of a variety of resources. c. This is the most significant example of cross-border cooperation in accounting standard-setting. An example of convergence. d. The IASB definition of revenue is very complicated, whereas the definition of revenue under U.S. GAAP is straightforward