FAR04 International Financial Reporting Standards (IFRS)

Operating leases are never recorded on the balance sheet under U.S GAAP. What occurs under IFRS?

Under U.S. GAAP, construction contracts are accounted using the percentage-of-completion method if certain criteria are met. What occurs under IFRS?

When impairment is recognized through the income statement, a new cost basis is established and the losses cannot be reversed. Does this occur under U.S. GAAP or under IFRS?

Impairment testing is completed relative to fair value under U.S GAAP. What occurs under IFRS?