What is a key difference between GAAP and IFRS in terms of financial reporting?

• A. GAAP requires less disclosure than IFRS.
• B. GAAP is more rules-based, while IFRS is more principles-based.
• C. IFRS is more detailed than GAAP.
• D. GAAP is used internationally, while IFRS is used only in the USA.

Answer: (B)