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Interestingly enough, the U.S. legal system is almost the only one based on Common law, meaning it relies on case law and court precedents. Much

Interestingly enough, the U.S. legal system is almost the only one based on Common law, meaning it relies on case law and court precedents. Much of the rest of the world is governed by Civil Law, meaning its based on code and rules.

What was the principle intent with setting up IFRS standards as a system of principles rather than a set of rules like the legal system so commonly used in these countries using IFRS?

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