Question: The major difference between IFRS and GAAP is that U.S. standards are and IFRS standards are O based on government standards: based on corporate practice

The major difference between IFRS and GAAP is that U.S. standards are and IFRS standards are O based on government standards: based on corporate practice O evolutionary: devolutionary strictly enforced: Weakly enforced rules-based principles-based

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was...

The major difference between IFRS and GAAP is that U . S . standards are and IFRS standards are Multiple Choice strictly enforced; weakly enforced rules - based; principles - based evolutionary;...

Thank you The major difference between IFRS and GAAP is that U.S. standards are standards are and IFRS O strictly enforced; weakly enforced O rules-based; principles-based evolutionary: devolutionary...

Need help with 20 multiple choice questions for graduate level Accounting Theory NAME: Section: (WEB or WEB 2) ACT 5713 - Accounting Theory Exam One - Chapters 1 - 7 Fall 2015 100 Points...

Scenario The year is 2021. The US FASB and the London based IASB have agreed in principle to a full merger. This merger will create the Global Accounting Standards Board (GASB) and will probably be...

RESEARCH PAPER SCENARIO The year is 2021. The US FASB and the London based IASB have agreed in principle to a full merger. This merger will create the Global Accounting Standards Board (GASB) and...

Convergence at Meeack Corp.: On December 31, 2015, Ms. Levine CPA, your manager and the treasurer of the U.S. division of the pharmaceutical company Meeack Corp. had just finished acquiring the...

(1) The Quality of Financial Information Referencing this week?s readings and lecture, describe the quality issues related to reporting revenue. What is the importance of understanding various...

1.Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards?Why or why not? 2.Describe the five cardinal virtues of professional accountants that...

I need help with a last minute Accounting 1 assignment. My regular tutor is off the grid so I am looking for a replacement. I have created the outline for you and enclosed the rubric, plus all f the...

Is the auditor required to test the operation of controls on every audit engagement? Explain.

Refer to the situation described in BE 8-6. S&M uses a perpetual inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.

Which of the Following are reconciling Items on the GL Side of a Bank Reconciliation ? Group of answer choices Outstanding Checks Deposits in Transit Checks Deducted on GL & by Bank Direct Deposits...

Rashid LLC is a family-owned company that deals with the sale of building materials. Rashid LLC has built up a reputation for quality, and revenue has increased over recent years to OMR 100,000 per...