Answered: Discuss the primary differences between…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.

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Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the generally followed rules, concepts and principles which are used for the presentation of the financial information of a business organization.

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 universally accepted set of standards which states the rules and practice for accounting practice.

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