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 is known for being principles-based, meaning that it focuses on the underlying principles or concepts behind accounting practices rather than strict rules to follow. This can result in more judgment needed by accountants and potentially more disclosure requirements, but it is less rules-based than GAAP.

The Requirements for Accounting for and Reporting of Inventories Under