PRINCIPLES Based Accounting Standards

The International Accounting Standards Board (IASB) had 31 International Accounting Standards (IAS) and 6 International Financial Reporting Standards (IFRS) in force in May 2005. A. In 2002, the IASB and U.S. Financial Accounting Standards Board (FASB) agreed to work together to reduce differences between IFRSs and U.S. GAAP. ................
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