Question: The going concern concept is explicitly stated in the IFRS conceptual framework but is only implicit in the U . S . GAAP conceptual framework.

The going concern concept is explicitly stated in the IFRS conceptual framework but is only implicit
in the U.S. GAAP conceptual framework.
True
False
The going concern concept is explicitly stated in the IFRS conceptual

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The going concern concept is explicitly stated in the IFRS conceptual framework but is only implicit in the U . S . GAAP conceptual framework. True False

Q:

U.S. GAAP and IFRS identify the same seven period-of-time elements. True False J.S. GAAP and IFRS identify the same three point-in-time elements. True False Following U.S. GAAP, the going concern...

Q:

1. Merchandising businesses produce products rather than provide services to customers. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

1. Merchandising businesses produce products rather than provide services to customers. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

true or flase questions Fhe View Help Home Insert Design Layout References Mailings Review X Font Paragraph Styles Editing Dictate Sensitivity Editor ol 0 E Paste Clipboard Voice Sensitivity Editor...

Q:

Q1. Over 90% of the total dollars of business receipts are received by proprietorships. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

Q1. Over 90% of the total dollars of business receipts are received by proprietorships. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

Revenue and expense recognition under the current IFRS conceptual framework is the same as under the U.S. GAAP conceptual framework. True False

Q:

1.Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards?Why or why not? 2.Describe the five cardinal virtues of professional accountants that...

Q:

Make a review about this article that include: 1. An explanation of the value judgment used by the author and the recommendations given by the author based on the value judgment he put forward. 2....

Q:

Identify some possible causal factors for the following support departments: (Appendix 5B) a. Cafeteria b. Custodial services c. Laundry d. Receiving, shipping, and storage e. Maintenance f....

Q:

Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Income taxes ........... $63,000 Social Security ........... 31,000 Medicare...

Q:

Which of the following would net be a cash flow from ineesting activities? Multiple Onoice Sale of a patent. Collection of interest reverue on a long term note recelvable Parchase of long term...

Q:

variant of binary search algorithm is called interpolation search. Similar to the binary search algorithm, it works on a sorted array of elements by dividing it into two subarrays and compare a...