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Flashcards: Accounting and the Business Environment

Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

The US GAAP has no requirement regarding comparative information while the IFRS does.

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Flashcards: Accounting and the Business Environment

Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

Your answer:

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

Your answer:

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

Your answer:

The US GAAP has no requirement regarding comparative information while the IFRS does.

Correct answer:

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

Explanation:

"The US GAAP uses a principles based approach while the IFRS employs a rules based approach" is the correct answer. This is not an accurate difference between the IFRS and the USGAAP. The US GAAP typically employs a rules based approach while the IFRS follows a principles based approach. The other choices represent accurate differences between the IFRS and US GAAP according to the International Accounting Standards Committee.

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Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

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Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

Flashcards: Accounting and the Business Environment

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