Balance sheet and related disclosures

Question 1

True/False Both GAAP and IFRS require a summary of significant polices within the notes of the FS

Answer 1

True

Question 2

True/False: Both GAAP and IFRS require a statement of Compliance with GAAP or IFRS

Answer 2

False- only IFRS requires a statement saying compliance

Question 3

True/False IFRS requires disclosure of judgments and estimates management has made in accounting policies

Answer 3

True