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Of the following, how do IFRS and U.S. GAAP differ with respect to the translation of foreign currency financials? A) IFRS requires the financial statements
Of the following, how do IFRS and U.S. GAAP differ with respect to the translation of foreign currency financials? A) IFRS requires the financial statements of entities in hyperinflationary countries to be restated for inflation prior to translation, and U.S. GAAP does not. B) U.S. GAAP uses a functional currency approach to determine the proper translation method and IFRS does not. C) Presently, there are no differences between IFRSs and U.S. GAAP with respect to the translation of foreign currency financial statements. D) IFRS allows companies the option to report translation adjustments in net income or to defer them on the balance sheet in stockholders' equity; U.S. GAAP does not permit this option
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