What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong? ASPE?

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What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong? ASPE? Explain.

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Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

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Question Posted: Sep 18, 2015 11:38 AM

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What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong? ASPE?

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Principlesbased standards are considered to be based on a conce...View the full answer

Intermediate Accounting

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