Which of the following statements appropriately describes the financial statement presentation requirements of IFRS compared to U.S. GAAP?

A. IFRS has less prescriptive standard financial statement presentation layouts than U.S. GAAP.

B. Both U.S. GAAP and IFRS allow the financial statements to be prepared on either the accrual basis or cash basis of accounting, at the sole option of the preparer.

C. Entities must present expenses based on nature under both U.S. GAAP and IFRS.

D. Both U.S. GAAP and IFRS allow for the presentation of extraordinary items in the income statement.

Answer rating: 100% (QA)

A IFRS has less prescriptive standard financial statement presentation layouts than US GAAP The prim... View the full answer