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Solution Preview - een GAAP and IFRS is that while GAAP is considered to be rule-based, IFRS is considered to be principle-based CITATION AIC19 \l 1033 (AICPA, 2019). The principle-based framework on which IFRS is based upon might lead to diverse interpretations for the transactions of similar nature. On the contrary, GAAP which is rule based is the same in the case

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