IFRS Is Considered a Principles-Based System, While U

question 1

True/False

IFRS is considered a principles-based system, while U.S. GAAP is considered a rules-based system.

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Definitions:

Remainder Operator

An operator in programming that returns the remainder left over when one operand is divided by a second operand.

Operand

An entity on which operators perform operations, including values, variables, and expressions.

Assignment Statement

A programming instruction that assigns a value to a variable.

Initialization Statements

Initial setup commands in a program that set variables to their default values.