I have 2 cells that contain data. The data in both these cells will be
compared against one another.

If the data between the 2 cells MATCH, then turn both cells green.
If the data between the 2 cells DIFFER, then turn both cells red.

For example:

If cell L14 matches cell F14, then turn F14 green
If cell L14 does not match cell F14, then turn F14 red

Do I need to use an "IF" statement combined with conditional formatting to
achieve this?

What would the formula look like?