State the key differences between IFRS and U.S. GAAP.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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State the key differences between
IFRS and U.S. GAAP.
Expert Solution

Step 1
IFRS stands for International Financial Reporting Standards. These are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.
GAAP stands for Generally Accepted Accounting Principles that are adopted by the U.S Securities and Exchange Commission.
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