IFRS Typically Uses a More "Rule-Based" Approach Than U.S.GAAP

question 68

True/False

IFRS typically uses a more "rule-based" approach than U.S.GAAP.

---

Definitions:

Material

The substance or substances from which a thing is or can be made, often used in contexts involving physical objects or the fabric of physical, tangible items.

Nonpublic

Information or entities not available or accessible to the general population, often restricted due to privacy or confidentiality considerations.

Shareholders

Individuals or entities that own shares in a corporation, giving them partial ownership and possibly voting rights.

Directors

Individuals elected by shareholders to oversee the management of a corporation and make decisions on its behalf.