• Which of the following is true with regard to pension accounting under U.S. GAAP and IFRS?

• Prior service cost is recognized on the balance sheet under both U.S. GAAP and IFRS.

• Accounting for defined-benefit pensions is typically a less important issue in the U. S. than in other parts of the world.

• The accounting for defined-benefit pension plans is the same under U.S. GAAP and IFRS.

• The accounting for defined contribution p