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The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way
The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way to report financials. This article Ernst & Youngs US GAAP vs. IFRS: The Basics (Links to an external site.)Links to an external site.[ey.com] compares the two methods of financial reporting.
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