Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting
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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...
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GAAP classifies investments as trading availableforsale both debt and equity investments and heldtom...View the full answer
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