Question Details

Under IFRS, equipment may be revalued



TRUE/FALSE
1.	The accounting standard provides considerable flexibility in reporting comprehensive income.

2.	Since the number of shares changes under both a stock dividend and a stock split, any ratio based on the number of shares must be restated.


3.	Noncontrolling interest reflects income from ownership of noncontrolling shareholders in the equity of consolidated subsidiaries less than wholly owned.



4.	For the income statement under IFRS, there is a required format.


5.	Under IFRS, equipment may be revalued.


6.	IFRS allows for alternative performance measures to be presented in the income statement that are not allowed by U.S. GAAP.






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