Question: What is the difference between principles-based and rules-based accounting standards? What evidence indicates that the U.S. generally accepted accounting principles (GAAP) are rules-based?

What is the difference between principles-based and rules-based accounting standards? What evidence indicates that the U.S. generally accepted accounting principles (GAAP) are rules-based?

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What is the difference between principles-based and rules-based accounting standards? What evidence indicates that U.S. GAAP is rules-based?

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