What are the types of differences that exist between IFRS and US GAAP. In addition to just identifying the U.S. GAAP/IFRS differences though, please discuss the status of convergence with respect to those differences.
The types of differences that exist between IFRS and U.S. GAAP can be classified as:
• Definition differences
• Recognition differences
• Measurement differences
• Differences in allowed alternatives
• Differences in (lack of) guidance
• Presentation differences
• Disclosure differences
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