Differences Between GAAP and IFRS: Cultural History and Impact
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are the two largest accounting principles organization, and these organizations have separate standards. The FASB created Generally Accepted Accounting Principles (GAAP), and the IASB created International Financial Reporting Standards (IFRS). Both organizations have been working on a convergence to unify the two … Read more