Major Difference Between GAAP and IFRS

1. Local vs. Global The International Financial Reporting Standards (IFRS) are utilized in more than 110 nations throughout the world, including the European Union and several Asian and South American countries. GAAP, on the other hand, is a US-only accounting standard. Accounting for companies that operate both in the United States and abroad may be … Continue reading Major Difference Between GAAP and IFRS