What Is the Fundamental Difference Between IFRS and GAAP

question 68

Multiple Choice

What is the fundamental difference between IFRS and GAAP?

• A) GAAP relies more on general principles but ignores the spirit of those principles.
• B) GAAP relies more on specific rules and the spirit of the rules.
• C) GAAP relies more on specific rules but not the spirit of the rules.
• D) GAAP relies more on general principles as well as the spirit of those rules.

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Definitions:

Genetic Recombination

The process by which pieces of DNA are broken and recombined to produce new combinations of alleles, contributing to genetic diversity.

Muller's Ratchet

A process by which the genomes of an asexual population accumulate deleterious mutations in an irreversible manner.

Deleterious Mutations

Genetic alterations that are harmful to an organism, potentially reducing its fitness and survivability.

Mutation-Free Genotypes

Genetic compositions of organisms that do not carry mutations compared to a reference version of their genome.