The project on business combinations was the first of several joint projects undertaken by the FASB and the IASB in their move to converge standards globally. Nonetheless, complete convergence has not yet occurred. Three major projects have yet to be resolved: Revenue recognition, Accounting for leases and Financial statement presentation. U.S. GAAP has a rules-based approach to accounting, while IFRS uses a principles based approach. This represents a (Points : 2)

Difference in the regulatory environment and rule-making

Difference in political agenda and governmental interactions

Difference in culture and communication between constituents

Difference in economics and available labor force