The Rules-Based Standards of IASB Are More Detailed Than the Simpler

question 58

True/False

The rules-based standards of IASB are more detailed than the simpler, principles-based standards of U.S. GAAP.

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Definitions:

Note Payable

A written agreement where one party promises to pay another party a specific sum of money, either on demand or at a set future date.

Regulatory Agency

A governmental organization tasked with creating and enforcing rules to regulate and supervise specific industries or activities.

Internal Revenue Service

The federal agency responsible for enforcing U.S. tax laws and collecting taxes.

Creditor

An entity (person or institution) that lends money or extends credit to another entity.