When comparing U.S.GAAP and IFRS,regarding the level of details in the standards and the level of disclosure required,which of the following is correct? U.S.GAAP IFRS

Question

Quizplus · Accepted Answer

Under U.S. GAAP, there is typically more emphasis on detailed guidance and specific rules, whereas IFRS tends to have more principle-based standards with less specific guidance. However, when it comes to disclosure requirements, IFRS tends to require more extensive and detailed disclosures than U.S. GAAP. Therefore, the correct answer is B – U.S. GAAP has more detail but requires less disclosure, whereas IFRS has less detail but requires more disclosure.

When Comparing U