Why are the GAAP and IFRS standards being converged?
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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...
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GAAP and IFRS standards are being converged because GAAP is not used in other countri...View the full answer
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