ACC 407W5 Final Assignment '
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"IFRS and GAAP, How Do They Differ"
Theresa M. Odom
ACC 407
Bruce Geddes
January 18, 2015
IFRS and GAAP, How Do They Differ
The U.S. Generally Accepted Accounting Principles (US GAAP), and the International Financial Reporting Standards (IFRS), have the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) working on many joint projects that will improve them and eventually make the standards compatible with one another. U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) have different approaches to their system of principles and rules for regulating accounting. U.S. GAAP has more of a rule-based approach where as IFRS has more of a principal-based approach. There are...