Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for leases.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for leases.
Generally Accepted Accounting Principles:
GAAP (Generally Accepted Accounting Principles) is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by the International Accounting Standards Board (IASB).
International Financial Reporting Standards:
IFRS (International Financial Reporting Standards) is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is a universally accepted set of standards which states the rules and practice of accounting practice.
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