Answer:
The Code of Hammurabi is often cited as the oldest written laws on record, but they were predated by at least two other ancient codes of conduct from the Middle East. The earliest, created by the Sumerian ruler Ur-Nam-mu of the city of Ur, dates all the way back to the 21st century B.C., and evidence also shows that the Sumerian Code of Li-pit-Ishtar of Isis was drawn up nearly two centuries before Hammurabi came to power. These earlier codes both bear a striking resemblance to Hammurabi’s commands in their style and content, suggesting they may have influenced one another or perhaps even derived from a similar source.
Explanation:
Answer:
GAAP
Explanation:
GAAP stands for generally accepted accounting principles. The GAAP contains a set of rules and financial principles that accountants in united states must use as the standard of their financial reporting.
The European Union follow IFRS.
IFRS stands for International Financial Reporting Standards. Just like GAAP, it is also containts a set of rules and principles for financial reporting. But IFRS Is used by a lot of countries internationally.
Generally, the rules/principles written between the two is pretty much the same. But there are still a couple of differences.
For example,
GAAP require the creation of statement of comprehensive income. IFRS on the other hand , does not include this as a requirement.
