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hey
Please need some clarification
how International financial reporting standards is principle based while in its name the word (Standard)
and GAAP is standard based while in its name the word (principle)
Is not this a contradiction?
thanks
How fascinating! I’ve never realised that! (And nor has anyone else that I know of)
I wonder how long it will be before the examiner at F7 asks a 15 mark question asking for students to explain this anomaly? And, just think, you will be the only one that has even given this conundrum any thought.
I, unfortunately, am in no position to explain the apparent inconsistency.
I’m sorry 🙁
Mike, are you being sarcastic?? because I guess it is a really nice question that i have never thought about before!!!!
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