Question: Ideally, both U . S . GAAP and IFRS should Multiple choice question. contain bright - line rules. allow managers a substantial amount of discretion

Ideally, both U.S. GAAP and IFRS should
Multiple choice question.
contain bright-line rules.
allow managers a substantial amount of discretion in determining the appropriate accounting.
provide enough guidance for consistent application.
focus on the accounting rules instead of the accounting objective.

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