The most common description of IFRS as contrasted to GAAP is that

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The most common description of IFRS as contrasted to GAAP is that

a. GAAP is rules based and IFRS is rules based.
b. GAAP is principles based and IFRS is rules based.
c. GAAP is principles based and IFRS is concepts based.
d. GAAP is rules based and IFRS is principles based.

Answer: D

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