Fair value is relied on
A) less under IFRS than under GAAP.
B) more under IFRS than under GAAP.
C) equally under IFRS and GAAP.
D) infrequently under IFRS.

Question

Quizplus · Accepted Answer

Fair value is generally used more under IFRS than under GAAP. Under IFRS, fair value is the default measurement for many assets and liabilities, while under GAAP, it is often only used in certain circumstances (such as for financial instruments or business combinations).

Fair Value Is Relied on