Question: U.S. GAAP is said to be rules-based while IFRS is said to be more principles-based. Discuss the differences in these two approaches to accounting standards.

U.S. GAAP is said to be rules-based while IFRS is said to be more principles-based. Discuss the differences in these two approaches to accounting standards. Which do you think is the best approach? Give at least on example of rules based vs. principles based standards from the standards covered in Chapter 4 of the textbook. (Min 200 words)

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