Which of the following is generally true about the differences between U.S.GAAP and IASB standards?
A)U)S.GAAP is generally more flexible than IASB standards.
B)U)S.GAAP tends to be more rule-based and the IASB standards tend to be principles-based.
C)More professional judgment is required to apply U.S.GAAP than is required for implementing IASB standards.
D)In all cases,U.S.GAAP is more detailed than the IASB standards.

Question

Quizplus · Accepted Answer

One of the main differences between U.S. GAAP and IASB standards is that U.S. GAAP tends to be more rule-based, while IASB standards tend to be principles-based. While other differences may exist as well, this is the most generally true statement. Options A, C, and D are incorrect as they do not accurately describe the differences between the two standards.

Which of the Following Is Generally True About the Differences