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Explain difference between IFRS and GAAP.

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Explain difference between IFRS and GAAP.
  • 1 answers

Sia ? 2 years, 9 months ago

  • GAAP is a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements. 
  • IFRS is a set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements.
  • Some accountants consider methodology to be the primary difference between the two systems; GAAP is rules-based and IFRS is principles-based.
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