Which of the following is generally true about the differences between U.S. GAAP and IFRS? a. More professional judgment is required to apply U.S. GAAP than is required for implementing IFRS. Ob. U.S. GAAP rends to offer less choices, less flexible than IFRS. c. U.S. GAAP tends to be more principle-based and IFRS tend to be rules- X based. d. In all cases, U.S. GAAP is more detailed than the IFRS.

Which of the following is generally true about the differences between U.S. GAAP and IFRS? a. More professional judgment is required to apply U.S. GAAP than is required for implementing IFRS. Ob. U.S. GAAP rends to offer less choices, less flexible than IFRS. c. U.S. GAAP tends to be more principle-based and IFRS tend to be rules- X based. d. In all cases, U.S. GAAP is more detailed than the IFRS.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 2MCQ

See similar textbooks

Similar questions

The SASB view on materiality has been adapted from which of the following? A. the U.S. Executive branch B. the GRI definition C. a determination by U.S. Congress D. the U.S. Supreme Court
Which one of the following would not be an advantage of adopting IFRS? Select one alternative Establishment of an Advisory Committee Publication of an Exposure Draft Issue of a final IFRS Consultation with the Advisory Committee
Which of the following is true of “professional judgement”? A. It plays an especially important role in ASPE and IFRS B. It is important where standards are based primarily on general principles rather than specific rules. C. All of the other alternatives are correct. D. It is used in conjunction with the conceptual framework in the absence of specific standards.
How does the lack of regulations or related laws affect compliance with the best ethical practices in the countries involved?
What are the assumptions of the Fama-French three factor, and any critique of this model
In what ways does the IASB differ from the IASC?
Which of the following statements is true? a. Both the SEC and the PCAOB require the use of the COSO framework. b. Both the SEC and the PCAOB require the COBIT framework. c. The SEC recommends COBIT, and the PCAOB recommends COSO.d. Any framework can be used that encompass all of COSO’s general themes. e. Both c and d are true.
Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?
If you were given complete authority in the matter, how would you propose that GAAP should be developed and enforced?
. What factors lead to differences between countries? What are the implications for the IAS? Are the differences such that it is not appropriate for all countries to adopted IAS? Discuss
Which of the following is not a recognized approach to standard-setting? A . A rules-based approach
Answer the following multiple-choice questions. The authoritative status of the conceptual framework is as follows.(a) It is used when there is no standard or interpretation related to the reporting issues under consideration.(b) It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue.(c) It takes precedence over all other authoritative literature.(d) It has no authoritative status