GAAP compared to IFRS tends to be more
A) simple in accounting requirements.
B) rules-based.
C) principles-based.
D) simple in disclosures requirements.

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) is known for being more rules-based, providing detailed rules and guidelines for financial accounting and reporting, whereas IFRS (International Financial Reporting Standards) is more principles-based, focusing on the overall patterns and principles of accounting.

GAAP Compared to IFRS Tends to Be More