Accounting numbers can vary widely for the same company under different rules. Some countries use International Financial Reporting Standards (IFRS), while the US follows 'generally accepted accounting principles' (US GAAP). US GAAP is more detailed and rule-based compared to IFRS, which is more principle-based. International standardization simplifies financial statement preparation for global companies and makes accounting information more comparable for managers and investors. Politics and economics play a role in shaping accounting practices.