Question

True or False...IFRS tends to be simpler in its accounting and disclosure requirements

Answer 1

IFRS tends to be more complex than GAAP and requires extensive disclosures.

Step-by-step explanation:

The statement is false. International Financial Reporting Standards (IFRS) is widely considered to be more complex than Generally Accepted Accounting Principles (GAAP), which is used as the accounting standard in the United States. While IFRS aims to harmonize accounting standards globally, it incorporates more judgment-based principles that can lead to varying interpretations and requires more extensive disclosures.