Which of these statements regarding the IFRS and U.S. GAAP is correct?
A) U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
B) U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
C) IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
D) Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.

Question

Quizplus · Accepted Answer

IFRS is considered to be "principles-based" and less detailed than U.S. GAAP. While U.S. GAAP is considered to be "rules-based" and more detailed than IFRS.

Which of These Statements Regarding the IFRS and U