Why does the Financial Accounting Standards Board allow both methods? Which do you prefer? Why?
I prefer The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.
The IASB was founded on April 1, [ 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued
after 2001), and promoting the use and application of these standards. ]
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