Question: Accounting under GAAP is considered to be rules based which under IFRS it is considered to be principles based. Both GAAP and IFRS have similar

  • Accounting under GAAP is considered to be rules based which under IFRS it is considered to be principles based. Both GAAP and IFRS have similar financial statements with different methods of presenting them. Select which format you would suggest using and defend why it would benefit your company to follow the format.

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