Both U.S. GAAP and IFRS require footnote disclosure of operating lease payments. Are there any differences in

Question:

Both U.S. GAAP and IFRS require footnote disclosure of operating lease payments. Are there any differences in the information provided to statement readers in these disclosures? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...