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International Standards have been described as principles-based while U.S. GAAP is typically described as rules-based. Take a look at the IFRS interpretation of significant influence

International Standards have been described as principles-based while U.S. GAAP is typically described as rules-based. Take a look at the IFRS interpretation of significant influence and FASBs definition-compare and contrast the two-how similar are they- where are the differences?

Feel free to browse through the FASB Codification for more details on this.

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