Ethical Obligations and Decision-Making in Accounting 2nd Edition by Steven Mintz, Roselyn Morris

Exercise 3

Explain the advantages and disadvantages of establishing one set of accounting standards (IFRS) to be followed by all companies around the world.

Step 1 of 2

Accounting rules:

Accounting rules are defined as a statement which provides guidelines to record the accounting transaction.

IFRS:

IFRS stands for international financial reporting standards. It is developed by the IASB (International accounting system board) for the preparation of the balance sheet and other profitability statements.