Are the differences between IFRS and U.S. GAAP significant? Explain
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
ChapterMJ: Mornin's Joe
Section: Chapter Questions
Problem 9DQ
Related questions
Question
Are the differences between IFRS and U.S. GAAP significant? Explain.
Expert Solution
Step 1
IFRS:-These are the International Financial Reporting Standards which followed by the companies, entities, and individual for the preparation of their financial statement. These provide global recognition of the standards which are prepared by the government bodies.
US GAAP:-These are the US Generally Accepted Accounting Principles which are only followed in the United States for the preparation of their financial statements.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning