CENGAGENOW FOR CORP. FINC
14th Edition
ISBN: 9781305878907
Author: WARREN
Publisher: Cengage Learning
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Question
Chapter FS, Problem 8DQ
To determine
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.
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.
To compare: The use of term ‘reserve’ used in GAAP and in IFRS
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