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 is known for being more rules-based and prescriptive, with specific requirements and guidelines for various accounting treatments. In contrast, IFRS is more principles-based, allowing for more judgment and interpretation by the preparer.

GAAP, Compared to IFRS, Tends to Be More