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Principles based us rules-based gaap


Question 1: "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.

Question 2: 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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Business Law and Ethics: Principles based us rules-based gaap
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