One difference between GAAP and IFRS is that
A) the limitations of a trial balance are different between GAAP and IFRS.
B) IFRS uses more fair value measurement than GAAP.
C) GAAP uses a different posting process than IFRS.
D) IFRS uses accruals accounting concepts and GAAP uses primarily the cash basis of accounting.

Question

Quizplus · Accepted Answer

One difference between GAAP and IFRS is that IFRS uses more fair value measurement than GAAP. GAAP relies more on historical cost while IFRS allows for more frequent use of fair value measurement.

One Difference Between GAAP and IFRS Is That