Which of the following statements is false? (a) Assets equals liabilities plus equity. (b) Under IFRS, companies

Question:

Which of the following statements is false?

(a) Assets equals liabilities plus equity.

(b) Under IFRS, companies sometimes net liabilities against assets to report “net assets.”

(c) The FASB and IASB are working on a joint conceptual framework project.

(d) Under IFRS, the statement of financial position is usually referred to as the statement of assets and equity.

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