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What is the difference between US GAAP & IFRS?

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by Level 1 Member (1.5k points)
Both GAAP & IFRS are based on a conceptual framework. Fundamentals difference between US GAAp & IFRS is that IFRS tends to be less detailed in its reporting disclosure requirements than GAAP.  In other words IFRSs are “principles-based” standards while US GAAP are “rules-based” standards. Further, transaction analysis is similar under both  IFRS and GAAP but different standards may impact how transactions are being recorded.

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