Do U.S. GAAP and IFRS differ in the amount of flexibility that companies have in electing the

Question:

Do U.S. and IFRS differ in the amount of flexibility that companies have in electing the fair value option? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...