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

Question

Quizplus · Accepted Answer

GAAP tends to be more rule-based, meaning that there are specific guidelines and regulations that companies must follow in their accounting practices. In contrast, IFRS tends to be more principles-based, meaning that companies have more flexibility in how they apply the accounting standards.

GAAP, Compared to IFRS, Tends to Be More