Fair value accounting is used more under Generally Accepted Accounting Principles (GAAP) than it is under International Financial Reporting Standards (IRFS).

Question

Quizplus · Accepted Answer

Fair value accounting is used more frequently under IFRS than it is under GAAP. While both accounting standards use fair value accounting in certain situations, IFRS generally requires more assets and liabilities to be valued at fair value than GAAP.

Fair Value Accounting Is Used More Under Generally Accepted Accounting