What types of issues cause differences between International Financial Reporting Standards and U.S.GAAP?
A)measurement
B)alternatives available
C)disclosure
D)All of the above may be different between IFRS and U.S.GAAP.

Question

Quizplus · Accepted Answer

All of the above (measurement, alternatives available, and disclosure) may differ between IFRS and U.S.GAAP, causing inconsistencies and challenges for multinational companies operating in both jurisdictions. For example, IFRS tends to have a principles-based approach to accounting standards, while U.S.GAAP is more rules-based. Additionally, IFRS may allow for more flexibility in certain areas, while U.S.GAAP may have stricter requirements. These differences make it challenging for companies to accurately report financial information in both jurisdictions and may require additional resources to comply with both sets of standards.

What Types of Issues Cause Differences Between International Financial Reporting