Which of the following statements is true?
A)IFRS relies less heavily on fair market value accounting than does US GAAP.
B)IFRS relies more heavily on fair market value accounting than does US GAAP.
C)Neither IFRS nor US GAAP will use fair market value accounting in the near future.
D)Only US GAAP uses fair value market accounting.

Question

Quizplus · Accepted Answer

IFRS relies more heavily on fair market value accounting than does US GAAP. This is because IFRS places a greater emphasis on principles-based accounting, while US GAAP is more rules-based. Additionally, IFRS requires more disclosure of fair value information than US GAAP.

Which of the Following Statements Is True