The Securities and Exchange Commission has established a road map that will ultimately require U.S companies to use International Financial Reporting Standards (IFRS). Already, the SEC allows foreign companies to list their securities in the United States and file IFRS financial statements. In general, IFRS policies are considered to be based on general accounting principles, while the U.S. Generally Accepted Accounting Principles are very detailed and are based on numerous rules. Accounting experts are debating the effectiveness of the two standards; the international guidelines that employ general concepts and principles versus the U.S approach of anticipating all situations with a detailed set of rules. Discuss the advantages and disadvantages of a system based on concepts versus a system based on rules.