Question: Ideally, both U.S. GAAP and IFRS should Multiple choice question. contain bright-line rules. provide enough guidance for consistent application. focus on the accounting rules instead

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

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