Select one of the organizations listed below, view its website, then describe the purpose or mission of the organization.

Click on the right mouse button, then open in new tab for best results.

Securities and Exchange Commission: www.sec.gov

Financial Accounting Standards Board: www.fasb.org

International Accounting Standards Board: www.iasb.org

American Institute of Certified Public Accountants: www.aicpa.org

1. What is the difference between principles-based and rules-based accounting rules? Is IFRS more principles- based than U.S. GAAP? Explain.

2. Can someone tell us what the five standard financial statements are with respect to IFRS, and can someone give a brief description of each one?

3. A deep question: Do you believe the world will ever have one set accounting standards? Why or why not?

4. Do you feel that the Codification is really necessary, especially given that entire generations of accountants already understood where to find information? Do you think its worth the cost?