Which of the following is false?
a. Under IFRS, the term income describes both revenues and
gains.
b. Under IFRS, the term expenses includes losses.
c. Under IFRS, companies do not engage in the adjusting process.
d. Under IFRS, revenue recognition fraud is a major issue.
5. Accrual-basis accounting:
a. is optional under IFRS.
b. results in companies recording transactions that change a
companys fi nancial statements in the period in which events
occur.
c. has been eliminated as a result of the IASB/FASB joint project on revenue recognition.
d. is not consistent with the IASB conceptual framework.
