MBA Comic Strip

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Glide: 1
Of course! International Financial Reporting Standards (IRFS) uses principles based and Generally Accepted Accounting Principles (GAAP) uses rules based.
Could you please explain to me how the principles bases approach is different than the rules-based approach?
Glide: 2
Do businesses get to choose which principles they want to comply with andwhy do we use rules-based?
Yes. However, overseas businesses typically use the principles-based method and US businesses, like ours, usually employ the rules-based approach.
Glide: 3
It has been good for business. Our co-workers have promoted the foundation and business on their social media. It has been a win-win!
We have seen an increase in customers since we started the partnership with them. Many ask how they can help.
Glide: 4
Me too! Stakeholders likethe move as well. Our stockprice has increased 3 points since the announcement.
I am excited that our company is partnering with St. Jude Children's Hospital.
Glide: 5
While I am excited about that, we have a problem. There is$500 missing from the company vault.
That's not good. What should we do?
Glide: 6
Collin was in the vault earlier today and he was not supposed to be.Should we alert the manager?
Yes. Company theft can notbe tolerated and that is company protocol.

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