Hi class,

I did a bit of research on both GAAP and IFRS. I had learned about these a little in previous classes, but I found a lot of new, interesting information. I learned about some principals specific to GAAP. These include principals of regularity, consistency, sincerity, and more. These principles strive to maintain consistency and streamlined rules in accounting throughout companies in the US.

The IFRS is different, since it is international. Because of this, accounting is standardized outside of the US. However, it's not perfect in international standardization. Because you cannot enforce the IFRS in every country, it is not 100% consistent throughout the world. I found that one of the biggest differences between GAAP and IFRS is that GAAP has more concrete rules and guidelines compared to IFRS. It also has comparably greater transparency in financial reporting.

Thanks for reading,

Angel

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