GAAP Vs IFRS – A Brief Overview

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GAAP, Generally Accepted Accounting Principles, is the accounting standard used in the US, UK, Japan, China and other handful countries, while IFRS, the International Financial Reporting Systems, is the accounting standard used in the majority of countries around the world including all the members of the European Union. These two accounting frameworks are not the only ones used around the globe but, by far, they are the most adapted by international companies and corporations that function in our current unified global market. In this article, I will briefly present some of the differences of these two accounting frameworks.

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