IFRS Compared to GAAP Tends to Be More

question 29

Multiple Choice

IFRS compared to GAAP tends to be more

• A) detailed.
• B) rules-based.
• C) principles-based.
• D) full of disclosures requirements.

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Definitions:

Consumer Lease

A contract in which a lessee (user) pays to use goods (like a vehicle) for a fixed period without obtaining ownership.

Common Law

A legal system based on court decisions and precedents rather than statutes.

Sales Contract

A legal agreement between a buyer and seller detailing the terms of sale for goods or services.

Statutory Law

The assortment of rules and regulations put forth by legislatures.