The Fundamental Difference Between IFRS and GAAP Is

question 97

Multiple Choice

The fundamental difference between IFRS and GAAP is:

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

---

Definitions:

Left Side

Refers to the left part or aspect of something, often used in the context of locations, directions, or lateralization in the brain.

Limbic System

A complex system of nerves and networks in the brain, involving several areas near the edge of the cortex concerned with instinct and mood. It controls the basic emotions (fear, pleasure, anger) and drives (hunger, sex, dominance, care of offspring).

Amygdala

A small, almond-shaped cluster of nuclei located deep within the temporal lobes of the brain, involved in processing emotions such as fear and pleasure.

Soccer Player

An individual who participates in the sport of soccer, whether professionally or as an amateur, playing on a field team aiming to score goals.