Describe the purpose of U.S. generally accepted accounting principles (U.S. GAAP) and the benefits that these rules provide.


 . Explain the importance of U.S. GAAP to the development of a capitalistic economy.


 . Understand the role played by the Financial Accounting Standards Board (FASB) in the ongoing evolution of U.S. GAAP. 


. Discuss the advantages and the possibility of switching from U.S. GAAP to International Financial Reporting Standards (IFRS).