When comparing U.S. GAAP and International Financial Reporting Standards (IFRS)
A) IFRS are considered more comprehensive than U.S. GAAP.
B) IFRS contain more implementation guidance than U.S. GAAP.
C) IFRS are considered more principles-based than U.S. GAAP.
D) All of the choices are correct regarding U.S. GAAP and IFRS.

Question

Quizplus · Accepted Answer

IFRS are considered more principles-based than U.S. GAAP. While both standards contain guidance and implementation directives, IFRS are less prescriptive and provide more leeway for companies to exercise professional judgement in their financial reporting.

When Comparing U