Chapter 4, Problem 4.23Q

To determine

IFRS

International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

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.

To Determine: the primary difference between interim reports prepared under the IFRS and U.S. GAAP.