US GAAP have been described as principles-based standards and IAS standards as rule-based.

Name: US GAAP have been described as principles-based standards and IAS standards as rule-based.
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US GAAP is often described as rule-based, providing detailed rules for financial reporting, while IFRS (International Financial Reporting Standards, not IAS standards) is considered more principles-based, focusing on the broader principles of financial reporting.

US GAAP Have Been Described as Principles-Based Standards and IAS