US GAAP uses the cost principle and is less conservative than international standards.

Name: US GAAP uses the cost principle and is less conservative than international standards.
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US GAAP generally follows the cost principle, which means that assets are recorded at their historical cost, whereas international standards allow for the use of fair value accounting. Additionally, US GAAP is generally considered to be more conservative than international standards, not less conservative.

US GAAP Uses the Cost Principle and Is Less Conservative