Question

Time allowed : 3 Hours
Maximum Marks : 100
Section-A
1. Case Study :
Students of accounting would be well aware of the long
discussed differences between rule-based accounting and
principle-based accounting. Both have their protagonists.
While the US GAAP is rule-based, the International
Accounting Standards (IAS), both as IAS and IFRS, are
principle-based
The debate on which is better will be put to rest when the
US GAAP converges with IFRS eventually and becomes

Answer 1

Answer:

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