Asked by
Amber Jagoda
on Nov 14, 2024Verified
GAAP compared to IFRS tends to be more
A) simple in accounting requirements.
B) rules-based.
C) principles-based.
D) simple in disclosure requirements.
GAAP
A set of widely adhered to accounting norms and guidelines for the preparation of financial statements, known as Generally Accepted Accounting Principles.
IFRS
International Financial Reporting Standards are global accounting norms formulated by the International Accounting Standards Board (IASB) for the preparation of public company financial reports worldwide.
Rules-Based
Rules-based refers to systems or processes that are governed by a set of explicit or predetermined rules or principles to ensure consistency and standardization.
- Examine and differentiate between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
Verified Answer
NK
Learning Objectives
- Examine and differentiate between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).