Accounting Question

Accounting Question:

Describe the evolution of a statement of financial accounting standards. Why would it be advantageous for U.S. GAAP and IFRS/IAS to be the same? What is the difference between principles-based and rules-based accounting rules? Are IFRS/IAS more principles-based than U.S. GAAP? Explain.

Answer:

Required: Half to one page only

References: 2 references