All of the following regarding accounting for Treasury Stock under U. S. GAAP and IFRS is true except:
Multiple Choice:
O A company's assets and equity are always reduced by the amount paid for the retiring stock.
O U. S. GAAP applies the principle that companies do not record gains or losses on transactions involving their own stock.
O Gains are not recognized on retirements of treasury stock under U. S. GAAP.
O IFRS applies the principle that companies do not record gains or losses on transactions involving their own stock.
O Only gains are recognized on retirements of treasury stock under IFRS.