Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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GAAP:
its also called as US GAAP , is an acronym for Generally accepted accounting principles.
These rules are under the guidelines of Financial Accounting standards Board ( FASB ).
Mostly these are adhered by US companies.
IFRS:
International Financial Reporting standards ( IFRS ).
These principles are followed by Outside countries other than US.
These principles are under International Accounting standards Board ( IASB ).
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