The rules-based standards of IASB are more detailed than the simpler, principles-based standards of U.S. GAAP.

Question

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The IASB (International Accounting Standards Board) issues IFRS (International Financial Reporting Standards), which are principles-based and generally less detailed, aiming for broad guidelines that can be applied across various situations. In contrast, U.S. GAAP (Generally Accepted Accounting Principles) is more rules-based, providing detailed instructions for specific scenarios.

The Rules-Based Standards of IASB Are More Detailed Than the Simpler