When Comparing U

question 52

Multiple Choice

When comparing U.S. GAAP and International Financial Reporting Standards (IFRS)

• A) IFRS are considered more comprehensive than U.S. GAAP.
• B) IFRS contain more implementation guidance than U.S. GAAP.
• C) IFRS are considered more principles-based than U.S. GAAP.
• D) All of the choices are correct regarding U.S. GAAP and IFRS.

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Definitions:

Cost

An amount that must be paid or spent to buy or obtain something, covering the consumption of resources such as time, labor, and materials.

Deal

A contractual agreement between two or more parties for the purpose of buying, selling, or exchange of goods, services, or any transaction leading to mutual benefits.

Benefit

An advantage or profit gained from something, including direct financial gains or more intangible positive outcomes.

Intrusion

An act of entering into a place or situation where one is unwelcome or not authorized.