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ACC610 Milestone One.docx - 1 GAAP VS IFRS Nicole Stevens...

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1GAAP VS IFRSNicole StevensACC 610 Milestone OneSouthern New Hampshire University
2GAAP VS IFRSGenerally Accepted Accounting Principles (GAAP) refers to the standard framework,principles and procedures that are used by companies for financial accounting (Surbhi, 2017).GAAP is a set of accounting standards that consist of standard ways or rules for recording andreporting their financial information which includes the balance sheet, income statement, cashflow statement, etc. These principles are meant to ensure a minimum level of consistency withcompany’s financial statements. This is a primarily rules-based system (Surbhi, 2017).International Financial Reporting Standards (IFRS) are a set of international accountingstandards that state how particular types of transactions should be reported in financialstatements. IFRS specify exactly how accountants must maintain and report their accounts andare ser forth by the International Accounting Standards Board (IASB) (Surbhi, 2017). Thesestandards were established to have a common accounting language so financial statements can be

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Term
Winter
Professor
DL
Tags
International Financial Reporting Standards

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