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The IFRS standards are considered to be more principles base

a. "The IFRS standards are considered to be more principles based than the US rules-based GAAP." Comment on the implications of this statement, including the legal implications.

b. US GAAP has been considered by many to be the best GAAP in the world. Should the US give up its GAAP?

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a. "The IFRS standards are considered to be more principles based than the US rules-based GAAP." comment on the implications of this statement, including the legal implications.

-- This topic actually addresses one of the biggest problems with the convergence between GAAP and IFRS. GAAP is very rules-based, and all aspects of regulations that need to be addressed are in GAAP. Basically, GAAP spells out "the letter of the law," so to speak, so that as many gray areas in accounting have been eliminated as possible. In this country, we want financial statements a certain way, we want ethical, legal reporting, and we expect all companies to comply with GAAP, or else they face the consequences of non-compliance. GAAP has addressed ...

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The IFRS standards are considered to be more principles based than the US rules-based GAAP." Comment on the implications of this statement, including the legal implications.

b. US GAAP has been considered by many to be the best GAAP in the world. Should the US give up its GAAP?

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