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37. Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP. both,
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Answer #1

1.Capitalization of interest is acceptable under both IFRS and US GAAP.

2.LIFO method of inventory valuation is acceptable only under US GAAP.

3.Consolidation of entity by other means of power is acceptable only under US GAAP.

4.Reversal of impairment loss is acceptable only under IFRS.

5.BOTH

6.BOTH

7.US GAAP

8.IFRS

9.IFRS

10.BOTH

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