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Describe the evolution of statement of financial accounting

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Accounting Question:

Describe the evolution of a statement of financial accounting standards. Why would it be advantageous for U.S. GAAP and IFRS/IAS to be the same? What is the difference between principles-based and rules-based accounting rules? Are IFRS/IAS more principles-based than U.S. GAAP? Explain.

Reference no: EM131200490

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