Financial Accounting
Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter B, Problem 2DQ
To determine

Define IFRS and indicate the companies which use these standards.

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What are the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)? Do they have the similarities? Why?
What do you think the International Financial Reporting Standards (IFRS) are?
Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?
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