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:

Equal Amounts

A term referring to a situation where two or more entities are present in the same quantity or measure.

Immaturity

A state or condition of not being fully developed or lacking the emotional or intellectual maturity expected for a certain age.

Lens Of The Eye

A transparent structure behind the iris that focuses light rays onto the retina, allowing for clear vision at various distances.

Retina

The light-sensitive layer at the back of the eye that converts light into neural signals for visual recognition by the brain.