Which of the following statements is correct with respect to FASB and IFRSs' standards of accounting disclosure?
A) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely more on professional judgement.
B) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely more on professional judgement.
C) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely less on professional judgement.
D) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely less on professional judgement.

Question

Quizplus · Accepted Answer

FASB standards are typically more detailed and prescriptive, whereas IFRS standards are more principles-based, allowing for greater reliance on professional judgment.

Which of the Following Statements Is Correct with Respect to FASB