"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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Answer Generally accepted accounting principles GAAP refer to a common set of accounting principles ... View the full answer