Question: IFRS has a more principles-based approach to standard setting, while US GAAP is considered more rules-based. Which approach do you think produces the most truthful

IFRS has a more "principles-based" approach to standard setting, while US GAAP is considered more "rules-based". Which approach do you think produces the most truthful financial statements? Use revenue recognition as an example and provide key points on each side of the argument.

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