IFRS: The International Financial Reporting Standards (IFRS) are issued to have a common language for business affairs globally, to ensure easy understanding and comparing the financial statements across the boundaries of the countries. These IFRS are issued by the IFRS Foundation and the International Accounting Standard Board. Generally Accepted Accounting Principles (GAAP): These are the generally followed rules, concepts and principles used for the presentation of financial information of a business organization. To explain: The revenue and expenses includes the gain and losses.

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Chapter 4, Problem 4.2IFRS

To determine

IFRS:

The International Financial Reporting Standards (IFRS) are issued to have a common language for business affairs globally, to ensure easy understanding and comparing the financial statements across the boundaries of the countries. These IFRS are issued by the IFRS Foundation and the International Accounting Standard Board.

Generally Accepted Accounting Principles (GAAP): These are the generally followed rules, concepts and principles used for the presentation of financial information of a business organization.

To explain: The revenue and expenses includes the gain and losses.

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