Accountant 1: Did you read the 1 ______ this morning?Accountant 2: You mean the one that says we have to follow both GAAP and IASB?Accountant 1: Yes. Why do we have to follow both?Accountant 2: Well, both have 2 ______ and disadvantages.Accountant 1: Like what?Accountant 2: GAAP has 3 ____ instructions. But it is restrictive.IASB is 4 ___________ . But it can be inconsistent.Accountant 1: Why not just pick one 5 ___________ to use?Accountant 2: Well, we have clients in both the USA and Europe. It's better to use both 6 ______ that they are familiar with.