Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. u.s. gaap is said to be rules-based while ifrs is

U.S. GAAP is said to be rules-based while IFRS is said to be more principles-based....

60.1K

Verified Solution

Question

Accounting

U.S. GAAP is said to be rules-based while IFRS is said to be more principles-based. Discuss the differences in these two approaches to accounting standards. Which do you think is the best approach? Give at least on example of rules based vs. principles based standards from the standards covered in Chapter 4 of the textbook. (Min 200 words)

***PLEASE do not post pics of answers, it is hard to read and fuzzy!!***

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

Q

Mrs. Jackson is a history teacher. To choose two students at random, she decides to...

Algebra
Q

How are viral diseases categorized according to patient conditions for treatment Mark all that apply...

Biology
Q

reasoning 15 ft 2 ft 4 ft 3 12 ft

Basic Math
Q

22 The following expression can be written as which algebraic expression in x 5 Points...

Algebra
Q

The following information is available for ADT Company, which produces special-order security products...

Accounting
Q

The Hayes Chemical Company produces a chemical used in dry cleaning. Its accounting system uses...

Accounting
Q

CVP and Sensitivity Analysis (Single Product). Victoria, Inc., has annual fixed costs totaling $240,000 and...

Accounting
Q

What is your opinion of the measures being taken by the tax authorities to ensure...

Accounting
Q

Need help with the general journal. 1. Complete...

Accounting
Q

Select an agriculture firm of your own choice and discuss the following: i. Type of...

Finance
Q

Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $51000. If...

Accounting
Q

PSA 5-4 Calculate SUTA Tax For each circumstance, calculate the SUTA tax owed...

Accounting