GAAP Convergence with IFRS There are several working groups that are gradually reducing the differences between the GAAP and IFRS accounting frameworks, so eventually there should be minor differences in the reported results of a business if it switches between the two. There is a stated intent to...
Accounting is governed by a set of rules and regulations to ensure consistency and comparability across organizations and industries. These rules, such as the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP), provide a framework for accountants to...