Question: Key Assignment: Part 2
Complete the following:
• Explain the difference between rule-based accounting and principle-based accounting. State the advantages and disadvantages of each approach.
• As accounting or auditing students, state your views on the importance of the awareness of cultural values around the world that impact international ethics and corporate governance.
• Provide the International Federation of Accountants (IFAC) Code provisions. Compare the IFAC Code with the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, and state whether there are any differences.