Generally Accepted Accounting Principles: They are commonly known as GAAP. It 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). International Financial Reporting Standards (IFRS): IFRS is a set of accounting standards which are developed by independent (Non-profit) organization, International Accounting Standards Board (IASB). These are universally accepted set of standards which state the rules and procedures for accounting practice. To compute: The cash balance assuming S Incorporation uses IFRS.

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Chapter 7, Problem 8CPA

To determine

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It 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).

International Financial Reporting Standards (IFRS):

IFRS is a set of accounting standards which are developed by independent (Non-profit) organization, International Accounting Standards Board (IASB). These are universally accepted set of standards which state the rules and procedures for accounting practice.

To compute: The cash balance assuming S Incorporation uses IFRS.

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