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:

Projected Ending

An estimated conclusion or final figure, such as a financial balance, expected at the end of a defined period based on current trends or calculations.

External Funding Requirement

The need for additional capital from outside sources to finance a company’s operations or growth.

Growth In Assets

An increase in the value or quantity of the assets owned by a company or individual, which can contribute to increased wealth or investment capacity.

Current Liabilities

Short-term financial obligations that are due within one year or within a normal operating cycle.