The IFRS standards are considered to be more principles base

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• US GAAP vs IFRS: Principles Based or Rules Based

  GAAP is much more detailed than its counterpart IFRS. IFRS standards tend to be broader than U.S. GAAP principles. Therefore IFRS standards allow for more interpretation." Source: http://ezinearticles.com/?

• Reporting Standards and Accounting Principles

  GAAP and IFRS and catalog them as to the Board's strategy for resolving them. With the last initiative, for all topics formally considered for addition to the FASB's agenda they also need to be assessed for possible cooperation with the IASB.

• Even though accounting records go back hundreds of years, th

  Case 2-4 The FASB and the IASB have made progress towards convergence. The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.

• US vs International Financial Reporting Standards

  Under IFRS for SMEs, these types of instruments are more likely to be classified as a liability, depending on the specifics of the individual instrument [2][3].

• Financial Accounting Standards Board: Convergence of IFRS and GAAP

  Within the framework of the Board's agenda criteria, all topics formally considered for addition to the FASB's agenda need to be assessed for the possibilities for cooperation with the IASB (or another standard setter).

• Generally Accepted Accounting Principles

  IAS are more specific in that they are literally the guidelines on how financial accounts should be recorded and accounted for. Liquidity pertains to a company's ability to pay its short term liabilities as they come due.

• The relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB)

  With operations based in different countries that operate under different accounting principles and with varying currencies, there has been a need for the accounting principles and standards to be converged.

• Convergence of IFRS and U.S. GAAP on financial performance

  Within the framework of the Board's agenda criteria, all topics formally considered for addition to the FASB's agenda need to be assessed for the possibilities for cooperation with the IASB (or another standard setter).

• IFRS and the Accounting Consensus

  First the standards should be principles and not rules.