Asked by Tyler Decker on May 07, 2024
Verified
The requirements for accounting for and reporting of inventories under IFRS compared to GAAP tend to be more
A) detailed.
B) rules-based.
C) principles-based.
D) full of disclosure requirements.
IFRS
International Financial Reporting Standards represent worldwide accounting norms that facilitate the creation of financial statements.
GAAP
Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting.
Principles-based
An approach that bases decisions on general principles or values rather than specific rules.
- Recognize the requirements and differences in inventory accounting and reporting under GAAP and IFRS.
Verified Answer
Learning Objectives
- Recognize the requirements and differences in inventory accounting and reporting under GAAP and IFRS.
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