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.