[Solution]Part 1: Comparison and contrast between International Financial Reporting Standards (IFRS) of UK and Financial Accounting Standards Board (FASB) of U.S, and their failures.

The International Accounting Standard Board (IASB) and the Financial Accounting Standards Board (FASB) are the major accounting setters across the world. FASB is the standard…

The International Accounting Standard Board (IASB) and the Financial Accounting Standards Board (FASB) are the major accounting setters across the world. FASB is the standard setter in the United States and assume responsibilities of developing the US Generally Accepted Accounting Principles (US GAAP). US GAAP standards are considered as part of the rule-based (Reddy, Locke and Scrimgeour 2010). Reason behind the move was due to economic and political events such as the financial crisis in the 1930s that resulted to the establishing of Securities and Exchange Commission (SEC). SEC authorizes US companies to offer general financial revelation an aspect that results to rules-based accounting system (Xinshu and Deming 2009). In Europe, International Financial Reporting Standards (IFRS) is the major setter which is normally considered as principles-based. IASB has gained global recognition and is……………..

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