One of the Major Differences Between GAAP and the IFRS

question 64

Multiple Choice

One of the major differences between GAAP and the IFRS is that:

• A) IFRS relies more on norms than does GAAP, which relies on expedience for compliance.
• B) IFRS is more lax than is GAAP.
• C) IFRS relies on principles, whereas GAAP is rules-based.
• D) A and C.

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Definitions:

Hair Cells

Sensory cells located in the inner ear that are responsible for converting sound and motion into electrical signals.

Stereocilia

Hairlike projections on the surface of certain cells, such as those in the inner ear, aiding in the detection of vibration and sound.

Organ of Corti

A structure located in the cochlea of the inner ear containing hair cells that transduce sound vibrations into electrical signals for hearing.

Vestibular Nerve

Part of the inner ear that sends signals to the brain regarding balance and head position.