This article discusses the principles-based approach that emphasizes a "why" question by using the International Accounting Standards Board (IASB) "Conceptual Framework for Financial Reporting" to question and understand the basis for specific differences between IFRS and U.S. generally accepted accounting principles (U.S. GAAP) requirements, and to identify weaknesses of these requirements. It also provides detailed ready-for-use teaching notes of this approach concerning five accounting topics: inventories; property, plant, and equipment; intangibles; impairment of assets; and statement of cash flows. These principlesbased/framework-based teaching notes, that are appropriate for an intermediate accounting class and an international accounting course, should help stimulate classroom discussion, sharpen student critical thinking skill and develop professional judgment among students.