(a)
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To explain: The differences in the presentation of
(b)
To compare: The financial statement terms used by Company L and MJ International
(c)
To discuss: The term ‘revaluation reserves’ reported in equity section by Company L
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