The requirements for accounting for and reporting of inventories under IFRS compared to GAAP tend to be more
A) detailed.
B) rules-based.
C) principles-based.
D) full of disclosure requirements.

Question

Quizplus · Accepted Answer

IFRS tends to be more principles-based in their approach to accounting for and reporting of inventories, compared to the more rules-based approach of GAAP. This allows for more judgment and interpretation when applying the principles to specific situations. However, IFRS does also have detailed disclosure requirements.

The Requirements for Accounting for and Reporting of Inventories Under