IFRS compared to GAAP tends to be more
A) detailed.
B) rules-based.
C) principles-based.
D) full of disclosures requirements.

Question

Quizplus · Accepted Answer

IFRS tends to be more principles-based, meaning it emphasizes the use of general principles over specific rules. This allows for more flexibility in application and interpretation. GAAP, on the other hand, tends to be more rules-based, meaning it provides specific rules and guidelines for accounting treatments.

IFRS Compared to GAAP Tends to Be More