Which of These Statements Regarding the IFRS and U

question 13

Multiple Choice

Which of these statements regarding the IFRS and U.S. GAAP is correct?

• A) U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
• B) U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
• C) IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
• D) Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.

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Definitions:

Serrations

The toothlike projections on the edge of a tool such as a knife, saw, or scissors, designed to improve cutting efficiency.

Hemostats

Surgical tools used to control bleeding by clamping blood vessels.

Forceps

A surgical instrument similar to tongs, used for grabbing, manipulating, or removing objects during surgery.