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Differences between principles and rules based approaches

Assignment Help Accounting Basics
Reference no: EM131992934

Question: 400 words

With the move toward a common set of global accounting standards, the International Accounting Standards Board (IASB) has created the International Financial Reporting Standards (IFRS) to meet this goal.

• Research the IASB, and discuss its structure.

• Provide a brief history for this organization.

• Compare and contrast the differences between principles- and rules-based approaches when setting accounting standards.

• Share what you feel are 2 barriers and 2 benefits that could be encountered with the move toward a single set of accounting standards.

Reference no: EM131992934

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