Which of the following is generally true about the differences between U.S. GAAP and IASB standards?
A. U.S. GAAP is generally more flexible than IASB standards.
B. U.S. GAAP tends to be more rule-based and the IASB standards tend to be principles-based.
C. More professional judgment is required to apply U.S. GAAP than is required for implementing IASB standards.
D. In all cases, U.S. GAAP is more detailed than the IASB standards.
Answer:B
Which of the following is generally true about the differences between U.S. GAAP and IASB standards?
A. U.S. GAAP is generally more flexible than IASB standards. B. U.S. GAAP tends to be more rule-based and the IASB standards tend to be principles-based. C. More professional judgment is required to apply U.S. GAAP than is required for implementing IASB standards. D. In all cases, U.S. GAAP is more detailed than the IASB standards.