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Sia ? 4 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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Taher Sadikot 8 years, 8 months ago
It is an expense but the benefit of the same will in next period so it is shown as an assets.
So add to asset "Miscelleneous Expenditure" part.

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