Corporate Financial Accounting
15th Edition
ISBN: 9781337670517
Author: WARREN
Publisher: Cengage
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Question
Chapter C, Problem 5DQ
To determine
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
To examine: The differences between (A) rules-based approach, and (B) principles-based approach, in setting the accounting standards
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