U.S side i laesandard setters om each of the lntereatiomst side and FASB b. 10sCO and d. IASB and 1osco. Which one of the following is not a component of IFRST 2. a. IFS. b. IAS c. IFRS For the question 3 and 4, use the following information. On July 1, 2013, d a company decided to adopt IFRS. The fiscal year end date is ecember 31. The company presents 1 prior fiscal year of comparative information 3. What is the reporting date? a. January 1,2012 b. December 31, 2012 c. July 1,2013 d. December 31, 2013 4. What is the transition date? a. January 1, 2012 b. December 31, 2012. c. July 1, 2013 d. December 31, 2013 5. When converting to IFRS, a company must: recast previously issued financial statements in accordance with IFRS. a. b. use GAAP in the past periods but start to use IFRS from the current year. c. have at least two years of comparable periods. d. have at least three years of comparable periods. Which of the following statement is correct regarding the expense classification on the income statement? a. Under U.S. GAAP, the classification by nature is required. b. Under U.S. GAAP, the classification by nature is allowed. c. Under IFRS, the classification by nature is required. d. Under IFRS, the classification by nature is allowed. 6. 7. What is the advantage of the expense classification IFRS adopts but not Us. GAAP? a. It requires arbitrary expense allocation. b. It prevents arbitrary expense allocation. c. It makes it possible to compute gross profit. d. It produces more relevant information