International Financial Accounting Standards based on rules and principles: features and ways of rapprochement

This article examines the processes of combining international financial reporting standards and generally accepted accounting principles in the United States of America. The characteristic of the specific features of the formation of these standards is given, as well as the stages of their convergence are noted. As a result of various studies, the authors were unable to determine which of the standards is dominant, but it is important to ensure their further convergence.