Niceville Co pays property taxes of $100,000 in the second quarter of the year. Which of the following statements is true with respect to the recognition of property tax expense in interim financial statements?
A) under US GAAP, the company would report property tax expense of $100K in the second quarter of the year
B) under IFRS, the co would report property tax expense of $100K in the second quarter of the year
C) under US GAAP, the co would report property tax expenses of $33,333 in each of the second, third, and fourth quarters of the year
D) under IFRS, the co would report property tax expense of $25,000 in the first quarter of the year
Answer: B) under IFRS, the co would report property tax expense of $100K in the second quarter of the year
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