Which of the following is generally true about the differences between U S GAAP and IASB standards U S GAAP is generally more flexible than IASB standards U S GAAP tends to be more rule based and the IASB standards tend to be principles based More professional judgment is required to apply U S GAAP...

In all cases US GAAP is more ...

Which of the following is generally true about the differences between U.S. GAAP and IASB standards? U.S.

Question:

Which of the following is generally true about the differences between U.S. and IASB standards?
U.S. is generally more flexible than IASB standards.
U.S. tends to be more rule-based and the IASB standards tend to be principles-based.
More professional judgment is required to apply U.S. than is required for implementing IASB standards.
In all cases, U.S. is more detailed than the IASB standards.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...