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It is often said that US GAAP employs a “rulesâ€-based approach. IFRS, on the other hand, is considered a “principlesâ€-based approach. US GAAP standards are usually explicit as to precise rules that must be followed for recognition, measurement, and financial statement presentation. IFRS attempts to set general principles for recognition, measurement and reporting, and allows professional judgment in applying these principles. In 2002, the FASB and the IASB agreed to work toward...