Chapter 20, Problem 20.17Q

To determine

Generally Accepted Accounting Principle (GAAP):

Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles, standards, and procedures that the companies must follow at the time of preparation of the financial statements.

IFRS:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The difference between the correction of accounting errors in U.S.GAAP and IFRS.