Question: The standards are formulated using two different underlying philosophies US GAAP are rules based while IFRS are principles-based. Convergence will likely mean substantial changes

"The standards are formulated using two different underlying philosophies – US GAAP are rules based while IFRS are principles-based. Convergence will likely mean substantial changes to IFRS to reflect a greater emphasis on rules rather than principles, which will not necessarily align with the needs of users in other countries". Do you agree with the above statement? Briefly explain your answer.

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