The major difference between IFRS and GAAP is that U.S. standards are ________ and IFRS standards are ________.
A) strictly enforced; weakly enforced
B) rules-based; principles-based
C) evolutionary; devolutionary
D) based on government standards; based on corporate practice

Question

Quizplus · Accepted Answer

U.S. GAAP is rules-based, meaning that there are specific guidelines and detailed rules for accounting treatments, while IFRS is principles-based, focused on overall objectives and concepts rather than specific rules.

The Major Difference Between IFRS and GAAP Is That U