Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

Question:

Do the IFRS and conceptual frameworks differ in terms of the objective of financial reporting? 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...