IFRS Tends to Be Simpler and More Flexible in the Accounting

question 2

True/False

IFRS tends to be simpler and more flexible in the accounting and disclosure requirements than U.S. GAAP.

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Definitions:

Implied Authority

When the authority of the agent is implied from surrounding circumstances, such as the position or title given (by the principal) to the agent.

Ratify

To officially approve or confirm actions, agreements, or treaties through a formal consent, typically by voting or signing.

Warranty

A guarantee provided by a seller regarding the condition of a product and the promise of repair or replacement if necessary.

Contract

A legally enforceable agreement between two or more parties with clear terms and conditions.