Question: Provide a substantial written response of 250-300 words addressing following topic while providing at a minimum 2 scholarly/govt references:
Topic: Accounting Principles and Standards.
a) Describe the Accounting Principles used in the US. Financial statements are based on generally accepted accounting principles (GAAP) and audited by CPA firms.
b) Do investors need to worry about the validity of the statements while a company is responsible for being GAAP compliant?
c) Describe the International Accounting Standards used outside in the US.
d) When are the International Accounting Standards going to be used in this country?
e) Are US international companies obligated to use them?
f) If US international companies use the International Accounting Standards, what are the results of that experience?