U.S.GAAP and IFRS are both grounded in the same economic performance philosophy.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS aim to provide a fair and accurate representation of the economic performance of a company. They share the same underlying principles and concepts, such as matching revenues with expenses and providing relevant and reliable financial information to stakeholders. Therefore, it is true that they are both grounded in the same economic performance philosophy.

USGAAP and IFRS Are Both Grounded in the Same Economic