ACC 303 Where do the rules come from? Who impact accounting

Explanation:

There are two main accounting standards in the world and these are: the International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP). IFRS is used by most countries in the world and U.S. GAAP is used by American companies mostly.

U.S. GAAP is developed by the FASB and the GASB together so that both private and government companies are able to use the standards. IFRS is released by the IASB to ensure uniformity in account reporting across the world. It is worthy of note that both standards are trying to converge and so in the not too distant future, there may just be one standard followed.