International Financial Reporting Standards : International Financial Reporting Standards (IFRS) 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. Generally Accepted Accounting Principles: Generally Accepted Accounting Principles is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB). To explain: Whether the treatment of bank overdrafts differs under GAAP and IFRS.

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Chapter 7, Problem 7.5Q

To determine

International Financial Reporting Standards:

International Financial Reporting Standards (IFRS) 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.

Generally Accepted Accounting Principles:

Generally Accepted Accounting Principles is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To explain: Whether the treatment of bank overdrafts differs under GAAP and IFRS.

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