International Financial Reporting Standard (IFRS): An international standard for identifying, analyzing, and recording the transactions related to money or money’s worth for a considered period are compiled under the head International Financial Reporting Standard (IFRS). It gives detailed instruction on the procedure of recording the business transactions.
Generally Accepted Accounting Principles (GAAP): A set of common rules, regulations, and principles which is used to account the transactions of the business is compiled under the head Generally Accepted Accounting principles. This guideline provides instructions in recording, reporting and analyzing the financial transactions. It also provides industry specific rules to record the transactions.
To determine the correct statement.

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Chapter 12 Solutions
INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)
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