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(a) principles-based and less rules-based than GAAP.
(b) rules-based and less principles-based than GAAP.
(c) detailed than GAAP.
(d) None of the above.
Option A. IFRS is more principle base....................
IFRS has moved on to be more principle based than rules based. GAAP on the other hand is very rules based. Given the principle based approach does bring in subjectivity but also at the same time it required disclosure. Eg: Determining pension benefit liability is a subjective item and assumptions are used on the discount rate used to arrive at the Fair value of defined benefit obligations. Disclosing this information, readers are able to make their own independent judgment on if the liability should be more or less as sensitivity and assumptions disclosure is required by IFRS.
(c) detailed than GAAP.....
option a and option c are both
ifrs is the international financial and reporting standard
the fasb put it in order to all the world as standerd to make the different countries measures its creterions on it
then its more detailed than gaab
c is correct
