It is usually considered that IFRS standards are more principles-based and US standards are more rule-based.

Name: It is usually considered that IFRS standards are more principles-based and US standards are more rule-based.
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This is a commonly held belief as IFRS standards are based on general principles and concepts whereas US standards are more detailed and prescriptive in nature. However, both sets of standards continue to evolve and may incorporate aspects of each other's approach in the future.

It Is Usually Considered That IFRS Standards Are More Principles-Based