This chapter introduces both U.S. GAAP and International Financial Reporting Standards (IFRS). Which of these systems may

Question:

This chapter introduces both U.S. and International Financial Reporting Standards (IFRS). Which of these systems may U.S. firms use, and which may non-US, firms that list and trade their securities in the United States use?

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...