Purpose of the assignment: This assignment is directly linked to CLO7: Describe the conceptual difference between International Financial Reporting Standards and the U.S. generally accepted accounting principles.

Directions: Review the rubric before beginning this assignment.

Discuss in full the following topics and questions. Watch spelling and grammar, please. Write in complete sentence format. Follow the discussion board rules as stated in the IFRS module. Discussion means elaboration is required. A couple of paragraphs for each question is necessary.

1. Explain what IFRS is and the standards' basic purpose.

2. What is the main difference between GAAP and IFRS.