Conceptual framework of financial accounting is a set of interrelated objectives and fundamental concepts upon which U.S. GAAP is derived. However, U.S. GAAP is typically identified as being rules (rather than principles) based. Discuss what the conceptual framework of financial accounting represents along with at least two specific financial accounting concepts inherit within this framework and how and why such concept has evolved into rules-based accounting. Discuss any similarities and/or differences between U.S. GAAP conceptual framework and IFRS framework.