Which of the Following Is Generally True About the Differences

question 18

Multiple Choice

Which of the following is generally true about the differences between U.S. GAAP and IFRS?

• A) U.S. GAAP is more flexible than IFRS.
• B) U.S. GAAP tends to be more rules-based and IFRS tend to be principles-based.
• C) More professional judgment is required to apply U.S. GAAP than is required for implementing IFRS.
• D) In all cases, U.S. GAAP is more detailed than the IFRS.

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Definitions:

Corporate Voice

The unique tone and style of communication that distinguishes a company or brand in its written and spoken messages.

Large Audiences

A significantly sized group of people who gather in person or connect via media to receive information, entertainment, or other content.

Three-Step Process

A methodological approach typically broken into three sequential phases to achieve a task or solve a problem.

IM

Represents Instant Messaging, a form of real-time text-based communication between two or more parties.