GAAP: GAAP is “Generally Accepted Accounting Principles.” It is standard guidelines which are commonly used for financial reporting. These guidelines are maintained by the AICPA (American Institute of Certified Public Accountants). IFRS: International Accounting Standards Board who is an independent non-profit organization has developed a set of accounting standards which are said to be International Financial Reporting Standards. To determine some of the similarities and differences between GAAP and IFRS with respect to the accounting for investments.

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Chapter 17, Problem 2ICA

To determine

GAAP: GAAP is “Generally Accepted Accounting Principles.” It is standard guidelines which are commonly used for financial reporting. These guidelines are maintained by the AICPA (American Institute of Certified Public Accountants).

IFRS: International Accounting Standards Board who is an independent non-profit organization has developed a set of accounting standards which are said to be International Financial Reporting Standards.

To determine some of the similarities and differences between GAAP and IFRS with respect to the accounting for investments.

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