Which of the following statements best describes the relationship of U.S.GAAP and IFRS?
A)They are identical.
B)They are entirely different conceptual frameworks.
C)They are similar but not identical.
D)Neither has anything to do with accounting.
E)They both relate only to publicly traded companies.

Question

Quizplus · Accepted Answer

U.S.GAAP and IFRS share many similarities, including their focus on providing reliable and relevant financial information to users. However, there are also significant differences between the two frameworks, particularly in areas such as revenue recognition, inventory valuation, and financial statement presentation. While efforts to converge the two frameworks have been ongoing for many years, there are still areas where differences persist.

Which of the Following Statements Best Describes the Relationship of U.S.GAAP