Differences Between GAAP & IFRS

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which inventory accounting method is not allowed by IFRS?

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1.

Which accounting method does the following statement apply to?

The objective of financial statements is to offer information that is meaningful to customers, investors, auditors, etc.

2. IFRS is called a _____ standard.

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About This Quiz & Worksheet

This quiz and its attached worksheet help you make sure you know the differences between GAAP and IFRS reporting standards. You will need to explain the methods and goals of each standard.

Quiz & Worksheet Goals

Using this set of questions, you'll assess your knowledge of:

  • What kind of standard IFRS is
  • Inventory accounting methods that IFRS does and does not allow
  • Similarities between GAAP and IFRS

Skills Practiced

  • Distinguishing differences - compare and contrast topics from the lesson, such as GAAP and IFRS standards
  • Information recall - access the knowledge you've gained regarding the standard that allows intangible assets to be fairly valued and listed
  • Knowledge application - use your knowledge to answer questions about inventory accounting methods and goals of IFRS and GAAP

Additional Learning

To learn more about these accounting standards, read or watch the lesson titled Differences Between GAAP & IFRS. You will explore new ideas, such as:

  • The benefits of rules-based and principles-based accounting methods
  • Ways to account for fixed assets using either standard
  • The places GAAP and IFRS are used
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