Question: 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.

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)

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 Accounting Questions!

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?...

Please open the attached file and answer only questions 9 and 10. one and ahalf page ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 441-459 American Accounting Association DOI:...

Appendix D Differences Between U.S. GAAP and IFRS Standards While much of the presentation guidance in U.S. GAAP is similar to that in IFRS Standards, there are key differences. The table below...

Instructions: for each question, answer using your own words with paragraphs using 1-2 references from course materials properly cited following APA guidelines.Each answer should be no more thanone...

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...

China Petroleum and Chemical Corporation (Sinopec) is a large integrated Chinese petroleum and petrochemical company. Its shares are listed on the Shanghai Stock Exchange as well as exchanges in Hong...

Table of Contents > Module 1 > Discussion Board 1: U.S. GAA Discussion Board 1: U.S. GAAP vs. IFRS In this week's discussion, we will be looking at some of the differences between U.S. GAAP and IFRS,...

All of the following statements about the two major accounting standards is correct, except: IFRS is a principles-based accounting system. The IFRS is based on the best ideas of reporting from many...

Ok. I read the article and sounded familiar to our textbook's Chapter 1. As for the questions, I will go last, because I picked the articles, and each of you guys pick a question to work on , and...

USE THE PROVIDED ANALISYS AND RESEARCH TO BUILD A THREE TO FOUR PAGE ESSAY.. EXAMPLE PG1: INDRODUCTION ON ONE PAGE PG 2: ESSAY PG 3 ESSAY/CONCLUSION PG 4: RESOURCES Convergence Project between GAAP...

What is the purpose of a forecast? What factors does a firm use to create its forecasts of future income and expenses?

A company that sells running shoes online wants to compare two new marketing strategies. They will test the strategies on 10 weekdays. In the morning of each day, a web page describing the comfort of...

27. College Admission Test Prep Programs. Three admission test preparation programs are being evaluated. The scores obtained by a sample of 20 people who used the programs provided the following...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

2. Shake up your clothing and artifacts today. Wear something completely out of character for you, and consider how people react. If you normally dress very casually, try wearing a suit, or if youre...

Why We Listen?

2 Should you just buy the conservative suit for your interview and kiss the tongue ring good-bye? Is it ethical to present an image that works for the job, even if its incongruous with the way you...