Ch 22 IFRS Insights

Question 0

IFRS VS GAAP: when change in accounting policy is impracticable

Answer 0

Both say company should report effect in period where it

Is practicable to do so

Question 1

IFRS VS GAAP: accounting for changes in estimates

Answer 1

Similar btw IFRS and GAAP

Question 2

IFRS VS GAAP: reporting error corrections in previously issued financial statements

Answer 2

Both standards require restatement

However GAAP is an absolute standard, with no exception
To the rule

Question 3

IFRS VS GAAP: impracticality exception

Answer 3

IFRS: Applies to both changes in accounting principles
And correction of errors

GAAP: applies only to changes in accounting principle

Question 4

IFRS VS GAAP: indirect effects of changes in accounting principles

Answer 4

GAAP has detailed guidance on accounting and reporting
Of indirect effects

IFRS does not