Question: IFRS has a more principles based approach to standard setting, while U.S. GAAP is considered more rules based. Which approach do you believe produces the

IFRS has a more “principles based” approach to standard setting, while U.S. GAAP is considered more “rules based.” Which approach do you believe produces the most truthful financial statements? Use revenue recognition as an example and give key points on each side of the argument.

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When discussing which approach principlesbased IFRS or rulesbased US GAAP produces the most truthful financial statements its important to consider how each system addresses revenue recognition Here i... View full answer

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