Question: Approach to Standard Settings - Prac. Disc. 9 Do you think accounting standards should be based on a rules-based approach (like US GAAP) or a

Approach to Standard Settings - Prac. Disc. 9

Do you think accounting standards should be based on a rules-based approach (like US GAAP) or a principles-based approach (like IFRS)? Discuss the pros and cons of each and cite examples, if applicable.

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