IFRS compared to GAAP tends to be more
A) detailed.
B) rules-based.
C) principles-based.
D) full of disclosure requirements.

Question

Quizplus · Accepted Answer

IFRS is known for being more principles-based, meaning it provides general guidance rather than strict rules, allowing for more judgment and flexibility in accounting decisions. GAAP, on the other hand, is more rules-based, with specific guidelines for a wide range of accounting issues.

IFRS Compared to GAAP Tends to Be More