Q3: Explain a) What is the difference between principles-based and rules-based accounting rules? Are IFRS more principles-based than U.S. GAAP? Explain. b) In establishing financial accounting standards, two basic premises of the IASB are (1) The IASB should be responsive to the needs and viewpoints of the entire economic community, not just the accounting profession. (2) It should operate in full view of the public through a "due process" system that gives interested persons ample opportunity to make their views known. To ensure achievement of these goals, what are the steps does the IASB follow in the development of a typical IFRS?