Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - IFRS Insights - IFRS Concepts and Applications - Page 34: IFRS1-2

Answer

Some standard-setters formulate standards by following principles, whereas others set standards by following rules. Furthermore, some standards are based on business environments (which are different), whereas others are based on taxation. The diverse approaches result in dissimilar accounting standards.

Work Step by Step

Some standard-setters formulate standards by following principles, whereas others set standards by following rules. Furthermore, some standards are based on business environments (which are different), whereas others are based on taxation. The diverse approaches result in dissimilar accounting standards.
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