Ifrs Us Gaap Flashcards
1
Q
Subsequent reversal of impairment, allowed?
A
Ifrs yes
Us gaap no
2
Q
Variable interest entity
A
Concept not existing in IFRS
In Us GAAP it must be considered
3
Q
What adjuatment is done when there is hyperinflational economy?
A
Ifrs: adjusts the FS by using a general price level index before translating
Us gaap: adjusts the FS as if the reporting currency of the parent was its currency
4
Q
Until when subsequent events?
A
Ifrs: until authorization of issuance
Us gaap: until issuance or available to be issued
5
Q
Events after reporting date, classifciation of debt
A
Ifrs: not considered
Us gaap: are considered
