Problem: The IFRS is considered to be principle based, while U.S. GAAP is rules based.
Discuss what principle-based and rule-based accounting practices mean with regard to their application.
To prove your point, give an explanation of at least 1 example of IFRS and its U.S. GAAP parallel.
In your opinion, is IFRS or GAAP more prone to possible ethical concerns? Why or why not?