Chapter 17, Problem 17.26Q

To determine

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.

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.

To explain: The differences between reporting of gains and losses due to changes in assumptions while measurement of pension obligation, under IFRS and GAAP