The above question asks whether accounting principles changes are treated similarly under US-GAAP and IFRS. The answer is B) Yes & No, but in notes, it was mentioned that there is an exception under Changes in Accounting Principles where under US-GAAP, Inventory Method changes are done prospectively and not retrospectively, unlike IFRS.
So, considering this, why should the answer not be A) No & No
Photo of my personal notes as dictated by sir is attached below.
Sir has taught some corrections regarding extraordinary items and accounting principles in next class.
I.e treatment of the above mentioned items is same under both ifrs and us gaap.
Sir had also instructed to cut all the questions regarding extraordinary items because answer will be C according to new rule.
Please refer class 6 of income statement
But this is not under Extraordinary Items. This is under Acounting Changes of [IDEA]
Yes you are right !!
Then i think this question is confusing because of update in curriculum so i think you should drop this question.