Comparison of IFRS with Alternative Financial Reporting Systems

Which of the following is _most_ accurate regarding the differences between US GAAP and IFRS?

Incorrect. Both IFRS and US GAAP require disclosures in relation to uncertain assets and key assumptions that are made.

Incorrect. While it's true that the IFRS does not allow the offset of derivatives, assets and liabilities would appear larger than those prepared according to US GAAP.

Great! Often companies under IFRS present items on the statement of financial position beginning with noncurrent assets. However, this format is not set in stone and can mirror balance sheets prepared under US GAAP.

US GAAP requires disclosures in relation to key assumptions and uncertain estimates

Companies using IFRS often report current assets in the reverse order of their conversion to cash

The offset of derivatives is not allowed by IFRS, and balance sheets prepared under IFRS would show assets and liabilities at a lower value