What is the fundamental difference between IFRS and GAAP? GAAP relies more on...

90.2K

Verified Solution

Question

Accounting

What is the fundamental difference between IFRS and GAAP?
GAAP relies more on general principles but ignores the spirit of those principles.
GAAP relies more on specific rules and the spirit of the rules.
GAAP relies more on specific rules but not the spirit of the rules.
GAAP relies more on general principles as well as the spirit of those rules.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students