IFAC — Professional accountants are required to apply the conceptual framework to comply with the fundamental principles of the IFAC Code.
AICPA — AICPA members are required to comply with rules, not the principles, of
the Code. Therefore, based on the current structure of the AICPA Code, principles may not be enforced. Certain principles in the IFAC Code are addressed by rules in the AICPA Code.
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