The FASB and the IASB have made progress toward convergence The IFRS standards are considered to be more principles based than the U S rules based GAAP As of 2007, the IFRSs filled approximately 2,000 pages of accounting regulations When an IFRS or interpretation does not exist, then judgment must ...

a US accounting standards consists of hundreds of pages of rules The principlesbased approach ...

The FASB and the IASB have made progress toward convergence. The IFRS standards are considered to be

Question:

The FASB and the IASB have made progress toward convergence. The IFRS standards are considered to be more principles based than the U.S. rules-based . As of 2007, the IFRSs filled approximately 2,000 pages of accounting regulations.* When an IFRS or interpretation does not exist, then judgment must be used when applying an accounting policy.

Required
a. The IFRS standards are considered to be more principles based than the U.S. rules-based . Comment on the implications of this statement, including the legal implications.
b. U.S. has been considered by many to be the best in the world. Should the United States give up its ?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...