Question: What is the fundamental difference between IFRS and GAAP? Multiple Choice GAAP relies more on specific rules and the spirit of the rule GAAP relies

What is the fundamental difference between IFRS and GAAP?

Multiple Choice

GAAP relies more on specific rules and the spirit of the rule

GAAP relies more on general principles as well as the spirit of those rules.

GAAP relies more on specific rules but not the spirit of the rules.

GAAP relies more on general principles but ignores the spirit of those principles.

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