Asked by Mlebinge Endani on May 21, 2024
Verified
Although IFRS contain the same basic guidelines for accounting for cash and receivables as U.S.GAAP, some differences exist.Which of the following accounting treatments differs under IFRS versus GAAP?
A) the accounting for cash (sales) discounts
B) the classification of some receivables as "available for sale"
C) the accounting for pledging and assignment of receivables
D) the application of the allowance method of accounting for uncollectible accounts
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guides the financial reporting for companies outside of the United States.
GAAP
Generally Accepted Accounting Principles, a common set of accounting rules and standards for financial reporting in the United States.
Pledging
The act of providing assets as security or collateral for a debt.
- Identify and explain differences between IFRS and GAAP in accounting for cash and receivables.
Verified Answer
Learning Objectives
- Identify and explain differences between IFRS and GAAP in accounting for cash and receivables.
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