a “principles-based” approach have been under scrutiny. In the last couple of years,

Accounting scandals and fraud, both in the United States and internationally, have re-ignited the debate over the current laws, regulation and accounting principles. The relative merits of GAAP, which takes a “rules-based” approach to accounting, versus IFRS, which takes a “principles-based” approach have been under scrutiny. In the last couple of years, the FASB announced that it intends to introduce more principles-based standards to improve general accounting principles and practices. Organizations have internal control measures to detect fraud. In additions, organizations are subjected to required reporting of financial information to external entities. 175- to 265-words. Use citations where appropriate and list references. All citations and references, if used, must be in APA format. Only 15% of the content can be source material. If you write in your own words, only the reference is required.