________ are more concept-based than ________.
A)IFRS; U.S.GAAP
B)U)S.GAAP; IFRS
C)This is a trick question,since U.S.GAAP and IFRS are the same.
D)IGAAP; U.S.GAAP

Question

Quizplus · Accepted Answer

IFRS (International Financial Reporting Standards) are more principle-based and require higher judgement and interpretation from the preparer of financial statements. U.S. GAAP (Generally Accepted Accounting Principles) are more rule-based and provide detailed guidance for specific transactions.

________ Are More Concept-Based Than ________

Are More Concept-Based Than