U.S. GAAP accounting standards is more principles-based while the new international financial reporting standards (IFRS) is more rules-based.

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U.S. GAAP (Generally Accepted Accounting Principles) is considered more rules-based, focusing on detailed rules and guidelines, whereas IFRS (International Financial Reporting Standards) is more principles-based, emphasizing the overall objectives of good reporting and the application of principles.

US GAAP Accounting Standards Is More Principles-Based While the New