Which of the following statements is false? A. IFRS employs accrual accounting. B. IFRS requires that revenues and costs must be capable of being measured reliably. C. IFRS uses the cash basis of accounting. D. IFRS employs the periodicity assumption. 2. As a result of the revenue recognition project being undertaken by the FASB and IASB: A. revenue recognition will place more emphasis on when revenue is realized. B. revenue will no longer be recorded unless cash has been received. C. revenue recognition will place more emphasis on when revenue is earned. D. revenue recognition will place more emphasis on when changes occur in assets and liabilities. Which of the following is false? A. IFRS has fewer standards than GAAP that address revenue recognition. B. Under IFRS, the term income describes both revenues and gains. C. Under IFRS, the term expenses includes losses. D. Under IFRS, firms do not engage in the closing process