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Societe Generale was criticized for invoking the true and fair override in IFRS. Is there a comparable clause or rule in GAAP? If so, identify
Societe Generale was criticized for invoking the "true and fair override" in IFRS. Is there a comparable clause or rule in GAAP? If so, identify two scenarios under which a departure from GAAP would be necessary to prevent a set of financial statements from being misleading.
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