When comparing U.S.GAAP and IFRS,regarding the level of details in the standards and the level of disclosure required,which of the following is correct?
$\begin{array}{ll}\text { U.S. GAAP }&\text { IFRS }\\hline
A)
\begin{array}{l}
\text { Detail: More } \
\text { Disclosure: More }
\end{array} & \begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: Less }
\end{array} \\
B)
\begin{array}{l}
\text { Detail: More } \
\text { Disclosure: Less }
\end{array} & \begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: More }
\end{array} \\
C)
\begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: Less }
\end{array} & \begin{array}{l}
\text { Detail: More } \
\text { Disclosure: More }
\end{array} \\
D)
\text { Detail: Less } & \text { Detail: More } \
\text { Disclosure: More } & \text { Disclosure: Less }
\end{array}$

Question

When comparing U.S.GAAP and IFRS,regarding the level of details in the standards and the level of disclosure required,which of the following is correct? 
$\begin{array}{ll}\text { U.S. GAAP }&\text { IFRS }\\hline
A)
\begin{array}{l}
\text { Detail: More } \
\text { Disclosure: More }
\end{array} & \begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: Less }
\end{array} \\
B)
\begin{array}{l}
\text { Detail: More } \
\text { Disclosure: Less }
\end{array} & \begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: More }
\end{array} \\
C)
\begin{array}{l}
\text { Detail: Less } \
\text { Disclosure: Less }
\end{array} & \begin{array}{l}
\text { Detail: More } \
\text { Disclosure: More }
\end{array} \\
D)
\text { Detail: Less } & \text { Detail: More } \
\text { Disclosure: More } & \text { Disclosure: Less }
\end{array}$

Quizplus · Accepted Answer

U.S. GAAP is known for being more detailed in its accounting and reporting standards, whereas IFRS focuses on principles, leading to potentially less detail in the standards themselves but often requires more disclosure to ensure the financial statements provide a true and fair view.

When Comparing U